http://www.proactiveinvestors.com Proactiveinvestors RSS feed en Fri, 26 May 2017 12:50:33 -0400 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Great Panther reports significant increase in net income on improved metal prices, favourable exchange rates ]]> http://www.proactiveinvestors.com/companies/news/177309/great-panther-reports-significant-increase-in-net-income-on-improved-metal-prices-favourable-exchange-rates-177309.html Great Panther Silver Ltd (TSE:GPR, NYSE:GPL) has reported a significant increase in first quarter net income as improved metal prices and favourable exchange rates offset the impact of lower production and sales volumes associated with a temporary suspension at its Topia milling operations in Durango, Mexico.

For the three months to March 31, the precious metals miner reported net income of US$3.0mln, compared to a net loss of $3.4mln in the same quarter of 2016, even though revenues declined to US$12.4mln from US$14.1mln a year earlier.

The results were boosted by a non-cash US$1.8mln foreign exchange gain, predominantly associated with Mexican peso forward contracts.

The group’s first quarter adjusted earnings per share was US$0.02.

READ: Great Panther Silver confident in hitting annual production guidance

Great Panther said its all-in sustaining cost per payable silver ounce (AISC) for the first quarter was US$19.55, higher than 2017 full-year guidance, as the company absorbed the impact of the capital expenditure and fixed overhead costs at Topia.

The group added that, with the Topia Project now largely completed, AISC is projected to decline over the balance of 2017, leading the company to expect to meet its 2017 guidance.

Net income growth “particularly notable”, says Great Panther boss

Robert Archer, Great Panther’s president and CEO said: "This is particularly notable given that we suspended processing at Topia to complete plant upgrades and prepare for the transition to a new tailings storage facility, and therefore only had nominal production from Topia during the quarter.

“The Topia upgrades were completed under budget and commissioning of the plant is expected to be complete by mid-May.”

He added: “Great Panther remains focused on capitalizing on growth opportunities and, as at the end of the first quarter of 2017, the Company had US$69.3mln in net working capital, including US$53.2mln in cash and short-term deposits, and no long-term debt."

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Thu, 04 May 2017 06:19:00 -0400 http://www.proactiveinvestors.com/companies/news/177309/great-panther-reports-significant-increase-in-net-income-on-improved-metal-prices-favourable-exchange-rates-177309.html
<![CDATA[News - Bob Archer steps aside to allow new blood to take Great Panther Silver to the next level ]]> http://www.proactiveinvestors.com/companies/news/177000/bob-archer-steps-aside-to-allow-new-blood-to-take-great-panther-silver-to-the-next-level-177000.html So, farewell Bob Archer. But not goodbye.

Bob Archer, one of the founding directors of Great Panther Silver Limited (TSE:GPR), announced recently that he will be stepping down from his long-held position as chief executive officer.

Archer will take up a new role as non-executive director as soon as a new chief executive has been appointed.

More than 35 years' experience..

Archer has more than 35 years’ experience working for mining companies in North America, so there’s no doubt he’s served his time. But neither is he quite of retirement age yet, although a serious commitment to viticulture will undoubtedly keep him busy when full-blown retirement does come.

So what then, lies behind this decision to step down?

First, it’s worth noting that aside from institutions, Archer is the single largest shareholder in the company. If anyone has its interests at heart, he does. He is bound up with the history, the ownership and the future, so he is neither jumping nor being pushed. This is a decision that was taken internally, after long hard thought.

It should be seen in the context of the wider mining markets, which continue to move through their standard cyclical patterns. The next upswing is underway, but it’s not clear how long it will take to reach full flight. By the time it does, Archer may indeed be ready for full-blown retirement, just at the wrong, critical moment.

The time is right, now, for some serious succession planning, rather than when the markets are in full flight.

Organic growth likely to be incremental...

Because it’s also clear the evolution of Great Panther has reached a point where organic growth is likely to be incremental rather than dramatic.

Its operating silver, gold and base metals mines in Mexico have a decent track record of production, one indeed at Guanajuato that dates back many, many decades.

“But,” says Archer, “at Guanajuato we’ll never be able to build up a large reserve base.”

So, as far as major growth is concerned, acquisition and corporate activity are likely to be key.

Archer has already struck one deal in Peru with the acquisition of the Coricancha mine complex from Nyrstar. He’s likely at least to stay on to see this project into production.

WATCH - Great Panther Silver's Archer very excited about Peru mine opportunity

But as far as the next deals are concerned, those will be left to new Vice President Corporate Development Samuel Mah and to whomever comes in as the new chief executive.

A new growth phase...

“We are entering a new growth phase,” says Archer.

“Our operations are more or less at capacity. Further expansions will require acquisitions. We would like to bring on another mine – at least one more. But we’ll bring someone new onto the board and let them take this new phase forward.”

Still, Archer is not to be rushed in this process.

“What we’re not looking for is someone who’ll come in and make wholesale changes. People enjoy working within the corporate culture that we have. What we do want is someone who knows Latin America.”

Until the right man or woman is identified, Archer will remain at the helm. But the medium-term plans are now very clear.

“It’s time to pass the baton on to someone else,” he says. “Rather than wait a few years.”

Watch this space.

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Thu, 27 Apr 2017 17:25:00 -0400 http://www.proactiveinvestors.com/companies/news/177000/bob-archer-steps-aside-to-allow-new-blood-to-take-great-panther-silver-to-the-next-level-177000.html
<![CDATA[News - Great Panther Silver bolsters board with new independent director ]]> http://www.proactiveinvestors.com/companies/news/176457/great-panther-silver-bolsters-board-with-new-independent-director-176457.html Financial expert Elise Rees has been appointed as an independent director to metals miner Great Panther Silver Ltd (TSE:GPR, NYSE:GPL), it said today.

"Having recently retired after a 35-year career in professional accountancy, she brings us significant experience in acquisitions, mergers and corporate restructuring across a wide range of industries, including mining, energy, infrastructure, construction, real estate, retail and distribution," said Bob Garnett, chair of the board.

READ - Great Panther Silver confident in hitting annual production guidance WATCH - Great Panther Silver's Archer very excited about Peru mine opportunity

"Further, she is qualified as a financial expert under SEC, NYSE/Nasdaq and TSX listing rules."

Ms Rees, who was named as one of the top 100 most powerful women in Canada in 2015 by 'Women's Executive Network', has served on the boards of a number of profit and not-for profit organizations.

She currently sits on the boards of Enmax Corp, EasyPark and Westland Insurance, as well as the Greater Vancouver board of trade, the miner revealed.

This week, Mexico-focused  Great Panther revealed it remains on track to hit full-year production guidance despite closing down its Topia mine for the past three months.

Milling operations at the mine – which is in Durango, Mexico – have been suspended since December to allow Great Panther to undertake planned works to upgrade the plant and transition to a new tailings storage facility (TSF).

Most of that work has now been completed under budget, and the old TSF is temporarily being used while Great Panther gets the green light from Mexican authorities to use the new one.

Even while the mill was shut down though, the company continued to mine and it expects to process all of the stockpiled ore by the end of the year, hence the maintained full-year production guidance.

The company also repeated its all-in sustaining costs (AISC) forecast for the year of US$5-US$6 per payable silver ounce and US$14-US$16 per payable silver ounce respectively.

It also told investors that the previously announced acquisition of the Coricancha mine in Peru is likely to close in the current quarter.

Also this month, the firm said Robert Archer, chief executive and president of Great Panther was to step down this year as the firm moves into its next phase of growth.

He will stay in the role and continue to work with the board to find his successor.

Shares in Toronto shed 4.29% to $2.01.

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Thu, 13 Apr 2017 10:00:00 -0400 http://www.proactiveinvestors.com/companies/news/176457/great-panther-silver-bolsters-board-with-new-independent-director-176457.html
<![CDATA[News - Great Panther Silver confident in hitting annual production guidance ]]> http://www.proactiveinvestors.com/companies/news/176311/great-panther-silver-confident-in-hitting-annual-production-guidance-176311.html Precious metals miner Great Panther Silver Ltd (TSE:GPR, NYSE:GPL) has said it remains on track to hit full-year production guidance despite closing down its Topia mine for the past three months.

Milling operations at the mine – which is in Durango, Mexico – have been suspended since December to allow Great Panther to undertake planned works to upgrade the plant and transition to a new tailings storage facility (TSF).

Most of that work has now been completed under budget, and the old TSF is temporarily being used while Great Panther gets the green light from Mexican authorities to use the new one.

Full-year guidance on track

Even while the mill was shut down though, the company continued to mine and it expects to process all of the stockpiled ore by the end of the year, hence the maintained full-year production guidance.

“The planned suspension of milling operations at Topia was in effect throughout the entire first quarter and had an obvious impact on our overall metal production," said president and chief executive Robert Archer.

“However, we continued mining at Topia throughout this period, and with the commissioning of the graded plant and the new tailings handling facility now underway, we have commenced the processing of ore stockpiled during the shutdown.

“This will continue through the balance of the year, such that we anticipate meeting our annual guidance.”

First quarter production figures

As a result of the plant shutdown, metal production in the three months to end March fell to 727,372 silver equivalent ounces (Ag eq oz) (from 1.01mln Ag eq oz in Q1 2016).

Silver production fell 32% to 364,995oz while gold production also fell, albeit by not quite so much, to 5,177oz.

All of the production came from Great Panther’s Guanajuato mine complex which is also in Mexico and includes the San Ignacio mine.

As well as maintaining full-year production guidelines, the company also repeated its all-in sustaining costs (AISC) forecast for the year of US$5-US$6 per payable silver ounce and US$14-US$16 per payable silver ounce respectively.

Coricancha acquisition

Great Panther also told investors that the previously announced acquisition of the Coricancha mine in Peru is likely to close in the current quarter.

The miner had hoped to have the deal tied up by the end of March but local regulatory and legal processes have delayed things slightly.

Once the acquisition is complete will start work on a pre-feasibility study. Depending on the outcome of the report, development in support of operations could start in 2018, Great Panther said.

Further purchases were hinted at as well, with the firm stating it would “continue to seek and evaluate additional acquisition opportunities to meet the company’s growth objectives.”

Shares in Great Panther gained 0.5% to trade at C$2.14.

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Tue, 11 Apr 2017 10:26:00 -0400 http://www.proactiveinvestors.com/companies/news/176311/great-panther-silver-confident-in-hitting-annual-production-guidance-176311.html
<![CDATA[News - Great Panther Silver's chief to step down as miner moves into next phase of growth ]]> http://www.proactiveinvestors.com/companies/news/176038/great-panther-silver-s-chief-to-step-down-as-miner-moves-into-next-phase-of-growth-176038.html Robert Archer, chief executive and president of Mexico-focused miner Great Panther Silver Ltd (TSE:GPR, NYSEMKT:GPL) is to step down this year as the firm moves into its next phase of growth.

He will stay in the role and continue to work with the board to find his successor.

A globally recognized recruitment firm has been hired to conduct a search for someone, who will maximize the company's growth opportunities over the next five to seven years, Great Panther said.

Archer co-founded the miner in 2004 and has led its successful growth into a respected primary silver producer.

In a statement, the group said: "He has positioned the company with a strong balance sheet, a strong base of operations in Mexico and significant growth opportunity in Peru.

In this regard, the company is well placed to capitalize on growth opportunities with its existing assets and through acquisitions."

In addition, Great Panther has appointed industry veteran Samuel Mah  to a new position of vice-president, corporate development.

Mah was most recently employed at Silver Wheaton Corp as senior director, project evaluations, where he was responsible for the technical appraisal and due diligence review for its streaming deals.

Mah has also held engineering roles with AMEC Americas (metals and mining), SRK Consulting (Canada) Inc, Goldcorp Inc and Placer Dome Inc (now Barrick Gold Corp.).

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Wed, 05 Apr 2017 15:26:00 -0400 http://www.proactiveinvestors.com/companies/news/176038/great-panther-silver-s-chief-to-step-down-as-miner-moves-into-next-phase-of-growth-176038.html
<![CDATA[Media files - Great Panther Silver's Archer very excited about Peru mine opportunity ]]> http://www.proactiveinvestors.com/companies/stocktube/7120/great-panther-silver-s-archer-very-excited-about-peru-mine-opportunity-7120.html Fri, 17 Mar 2017 09:39:00 -0400 http://www.proactiveinvestors.com/companies/stocktube/7120/great-panther-silver-s-archer-very-excited-about-peru-mine-opportunity-7120.html <![CDATA[News - Great Panther Silver added to S&P/TSX Global Mining ]]> http://www.proactiveinvestors.com/companies/news/174716/great-panther-silver-added-to-sptsx-global-mining-174716.html Great Panther Silver (TSE:GPR, NYSEMKT:GPL) is affected by changes which S&P Dow Jones Indices Canadian Index Services will make in the S&P/TSX Canadian indices effective at the open on Monday, March 20 with the company added to the ticker’s Global Mining Index on the Toronto Stock Exchange.

Changes to the S&P/TSX Composite Index will also affect the S&P/TSX Completion, Capped Composite and Equal Weight Composite indices.

Stocks added to or removed from the S&P/TSX Composite Index will also be added to or removed from the appropriate global industry classification standard (GICS) sector index.

Great Panther Silver shares ended up 5.6% at $1.88 on Wall Street on Monday. In Toronto they were up 5% at C$2.54.

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Mon, 13 Mar 2017 16:45:00 -0400 http://www.proactiveinvestors.com/companies/news/174716/great-panther-silver-added-to-sptsx-global-mining-174716.html
<![CDATA[News - Margins and cash flow improve with metal price upswing, says Great Panther ]]> http://www.proactiveinvestors.com/companies/news/174124/margins-and-cash-flow-improve-with-metal-price-upswing-says-great-panther-174124.html Mexico-focused silver miner Great Panther (TSE:GPR, NYSEMKT:GPL) saw higher revenues in 2016 thanks to a 14% increase in realised sale prices for silver and gold.

The improved  metal prices and significantly lower costs also drove substantial improvements in margins and cash flow in 2016, the miner said, including a $17.6 million increase in mine operating earnings.

President and chief executive Robert Archer told investors: "Improved metal prices, combined with a 20% reduction in our all-in sustaining costs to $10.99, resulted in Great Panther delivering a 404% increase in mine operating earnings in 2016.

"Significantly improved operating cash flow, combined with the proceeds of financings completed in 2016, enabled us to end the year with $67 million in net working capital, no debt, and positions us well to capitalize on growth opportunities such as the recently signed Coricancha acquisition."

For the year AISC (All in sustaining costs) decreased 20% to $10.99 per payable silver ounce, which was also below guidance, while adjusted underlying earnings (EBITDA) improved to $16.5 million from $7.1 million the year before.

Mine operating earnings before non-cash items increased to $27.7 million, a 51% higher than $18.4 million in 2015, but despite that the firm reported a net loss of $4.1 million for 2016, mainly due to foreign exchange losses of $11.1 million recognized in the first half of the year prior to the group’s conversion to US dollar reporting.   

Silver production decreased 14% to 2,047,260 ounces over the year, while gold production increased 2% to 22,238 ounces , which was an annual record.

Great Panther Silver Ltd has two wholly-owned operating mines in Mexico -  the Guanajuato Mine Complex, which includes the San Ignacio Mine,  - and the Topia Mine in Durango.

It has also recently signed an agreement to acquire a 100% interest in the Coricancha Mine Complex in Peru, which is expected to be finalized in the second quarter.   

The company believes that the Coricancha Mine Complex has the potential for approximately three million silver equivalent ounces of production annually, which would boost its consolidated metal production by about 75%. 

The construction of the Phase II tailings storage facility and related plant upgrades at the Topia Mine are progressing well, and Great Panther expects, as planned, to restart processing before the end of the first quarter.

The costs of the project will be accounted for as sustaining capital expenditures. This, along with the impact of suspended production for a good portion of the quarter, will result in adverse cash cost and AISC metrics for the first quarter, it added.

Great Panther successfully closed the year with $56.6 million in cash and short-term investments, $66.6 million in net working capital and no long-term debt.

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Thu, 02 Mar 2017 06:36:00 -0500 http://www.proactiveinvestors.com/companies/news/174124/margins-and-cash-flow-improve-with-metal-price-upswing-says-great-panther-174124.html
<![CDATA[News - Great Panther releases new Guanajuato resource estimate ]]> http://www.proactiveinvestors.com/companies/news/173483/great-panther-releases-new-guanajuato-resource-estimate-173483.html Great Panther Silver Ltd (TSE:GPR, NYSEMKT:GPL) on Tuesday updated its mineral resource estimate for the Guanajuato mine complex (GMC) in Guanajuato, Mexico.

For the purpose of resource estimation, the GMC includes the operating Guanajuato and San Ignacio Mines and the El Horcon Project, which has the potential to be a satellite operation but is not currently in production.

"Once again, we successfully replaced what we mined at the GMC, and upgraded much of the resource to higher categories", stated Robert Archer, President & CEO.

"Notably, due to permitting delays, the fourth quarter 2016 step-out drilling at San Ignacio started after the effective cut-off date for this Resource Estimate, and the results of that program, which would have added to the Inferred resource, were not included. For 2017, we have more than doubled our drilling budget at the GMC, to 34,500 metres, and will continue our efforts to expand and further define the resource base at the Guanajuato and San Ignacio Mines, and the outlying El Horcon Project."

Estimated Measured Mineral Resources at the GMC increased 22% to 5,564,396 Ag eq oz from the previous Measured Mineral Resource, as San Ignacio Mine Indicated Mineral Resources were developed and categorized as Measured, and a slight increase in the Guanajuato Mine Measured Resource.

Estimated Indicated Mineral Resources at the GMC decreased 12% from the previous Indicated Mineral Resource to 1,581,680 Ag eq oz, due to an upgrade of San Ignacio Mine Indicated Mineral Resources to Measured Mineral Resources, and a slight decrease at the Guanajuato Mine.

The GMC, excluding the El Horcon Project, contains estimated Inferred Mineral Resources of 6,990,004 Ag eq oz, a 38% decrease from the previous Resource, primarily due to the upgrade of the San Ignacio Mine Inferred Resource to an M&I Mineral Resource, and the delay in starting the San Ignacio surface drilling such that the results were not considered for this resource estimate.

Including the El Horcon Project, the GMC contains estimated Inferred Mineral Resources of 9,082,917 Ag eq oz, a 26% decrease from the previous Resource. The El Horcon Project Inferred Mineral Resource increased due to higher metal price assumptions only, as no field work was completed in 2016.

During 2016, exploration at the San Ignacio Mine consisted primarily of underground drilling to better define the Mineral Resource in the Intermediate and Melladito zones. A surface drill program to expand the Mineral Resource started after the effective date of this Mineral Resource and, therefore, has not been included. Development in the period between Mineral Resource effective dates of July 31, 2015 and August 31, 2016, was conducted along the Melladito, Melladito FW, Melladito Splay, Intermediate, and Intermediate 2 zones.

At San Ignacio, plans for 2017 include 8,000 metres of surface exploration drilling along the continuation southeast from the present Mineral Resource to the historic mining areas of San Pedro and Mexiamora and on the sub-parallel Plateros trend. An additional 13,025 metres of underground drilling will focus on converting Inferred Mineral Resources to the Measured and Indicated categories.

At the Guanajuato Mine, underground exploration in 2016 was focused on the Los Pozos, Valenciana, and Guanajuatito areas to increase the Mineral Resource. The focus of exploration in 2017 will be on those three zones and the Promontorio zone. A comprehensive evaluation of historical workings is also being undertaken with emphasis on undeveloped veins with mineralization of economic significance. This will include the Rayas, upper Cata, Los Pozos, Valenciana and Guanajuatito zones.

Along with the Mineral Resource Estimates, the Company also considered Geological Potential at the Guanajuato Mine, which was estimated within ranges for areas that contain pillars and remnant material in historical mining areas with limited topographic control. Geological Potential includes 186,908 - 311,514 tonnes grading between 96 - 137g/t silver and 1.56 - 2.22g/t gold. These areas have often been drilled and evaluated underground by detailed sampling and geological mapping and include the Promontorio area, and parts of Los Pozos and Valenciana areas. Between July 31, 2015 and August 31, 2016, it is estimated that approximately 35% of Guanajuato Mine production came from Geological Potential and other areas outside the Mineral Resource.

The El Horcon Project is located approximately 100 kilometres by paved highway northwest of Guanajuato and is considered to be within trucking distance of the processing Cata Plant. Consequently, it is included in the GMC Mineral Resource Estimate. No work was completed on this project in 2016 but a drill program is budgeted for Q4 2017 to test the continuity of mineralization.

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Tue, 21 Feb 2017 14:49:00 -0500 http://www.proactiveinvestors.com/companies/news/173483/great-panther-releases-new-guanajuato-resource-estimate-173483.html
<![CDATA[News - Great Panther Silver produces 3.88mln oz Silver eq in 2016, expects up to 4.1mln in 2017 ]]> http://www.proactiveinvestors.com/companies/news/171490/great-panther-silver-produces-388mln-oz-silver-eq-in-2016-expects-up-to-41mln-in-2017-171490.html Great Panther Silver Ltd (TSE:GPR, NYSEMKT:GPL) said on Wednesday it is set for like-for-like Mexican output equivalent to up to 4.1mln ounces of silver in 2017 from 3.88mln realised in 2016.

The company released its fourth quarter and annual 2016 production results from its two wholly owned Mexican silver mining operations: the Guanajuato mine complex, which includes the San Ignacio mine, and the Topia mine in Durango.

For 2017, the company expects a production level of 4.0 to 4.1mln Ag eq oz (at a 70:1 ratio) from its Mexico operations.

An updated NI 43-101 resource estimate for the Guanajuato Mine Complex will be released later this month, however, due to necessary cut-off dates, recent high-grade drill results will not be included in this estimate. Commissioning of the new tailings storage facility at Topia and resumption of milling is expected in the first quarter, with the gradual processing of ore stockpiled during the shutdown to be conducted through the balance of the year.

Completion of the recently announced acquisition of the Coricancha Mine in Peru is anticipated to take place before the end of the first quarter. Initial activities will include evaluations of current mine and processing infrastructure, underground drilling, and initiation of a Preliminary Economic Assessment.

The Peruvian acqsition could add 75% to output.

Read: Acquisition of Coricancha will boost Great Panther's silver production by 75%

Depending on the outcome of the latter, development in support of operations is expected to commence in early- to mid-2018. A resource update is also scheduled for the second quarter of 2017.

 

2016 Production Highlights (compared to Full Year 2015) Consolidated metal production decreased 7% to 3,884,960 silver equivalent ounces ("Ag eq oz") Silver production decreased 14% to 2,047,260 silver ounces ("Ag oz") Gold production increased 2% to 22,238 gold ounces ("Au oz"), an annual record Ore processed was steady at 376,739 tonnes   Fourth Quarter 2016 Production Highlights (Compared to Fourth Quarter 2015)

 

Consolidated metal production decreased 12% to 883,772 Ag eq oz Silver production decreased 17% to 460,571 Ag oz Gold production decreased 8% to 5,206 Au oz Ore processed decreased 2%, with 92,869 tonnes milled

 

"Metal production was down for the fourth quarter and 2016 due to lower grades at San Ignacio and to shutdowns at Topia, with the most recent to accommodate tailings expansion and plant improvements," stated Robert Archer, President & CEO.

"The increased output from San Ignacio did result in a second consecutive annual record for gold production, and recent preliminary drill results from San Ignacio indicate that grades are likely to improve as we continue to the southeast. In addition, with the upgrades at Topia and the recently signed agreement to purchase the Coricancha Mine in Peru, we expect 2017 to be a very exciting time for Great Panther Silver as we position ourselves for production growth in future years."

 

Guanajuato Mine Complex

Total metal production for the GMC during the fourth quarter of 2016 decreased by 7%, to 702,351 Ag eq oz, compared to Q4 2015, and decreased by 3% to 2,987,074 Ag eq oz for 2016, compared to the prior year. The decreases in both periods were primarily attributed to lower silver grades at San Ignacio. Ore processed in 2016 increased by 4%, which partly offset the lower silver grades. San Ignacio accounted for 58% of the total ore processed at the GMC in 2016, compared to 48% in 2015.

Underground drilling to improve the resource definition at San Ignacio continued through the fourth quarter of 2016, and is scheduled to extend into 2017. In addition, recent surface drilling at San Ignacio was successful in extending the strike extent of silver-gold mineralization for several hundred metres to the southeast of current workings. Seventeen holes, for a total of 3,766 metres, were drilled in the fourth quarter and many holes intersected silver-gold mineralization with higher grades than currently being mined. These results are being compiled and will be released in due course. Surface drilling has resumed to follow up on these encouraging results.

 

Topia Mine

Total metal production in the fourth quarter of 2016 at Topia was 181,421 Ag eq oz, a decrease of 28% compared to the fourth quarter of 2015. When compared to the previous full year, total metal production in 2016 decreased by 17% to 897,886 Ag eq oz. The decrease was mainly attributed to the lower tonnes milled, reflecting the two temporary plant shutdowns during Q3 2016 and a planned three-month processing suspension commencing in December 2016 to facilitate mill upgrades and the transition to a new tailings storage facility.

Mining has continued through the plant shut down and ore is being stockpiled at the site. This material will be processed once the plant starts up again such that production at Topia for 2017 should comprise 13 months of mined ore. Updates on the plant status will be provided as work progresses, with the expected restart in the first quarter of 2017.

For the reported periods of 2016, the Company delivered reductions in cash cost and All-In Sustaining Costs ("AISC") of 60% and 31% respectively. For 2017, the Company expects cash cost to increase due to increases in site costs and increased expenditures on definition drilling aimed at reducing grade variability and improving mine planning. AISC is also expected to increase due to the increase in cash cost and greater investment in drilling, development and capital projects. In particular, AISC will reflect the non-recurring capital expenditures in the new tailings facility at Topia which will primarily be incurred in the first quarter of 2017. Based on current plans and projections, the Company's cash cost and AISC guidance for 2017 is US$5.00 - 6.00 and US$14.00 - 16.00, respectively.

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Wed, 11 Jan 2017 14:24:00 -0500 http://www.proactiveinvestors.com/companies/news/171490/great-panther-silver-produces-388mln-oz-silver-eq-in-2016-expects-up-to-41mln-in-2017-171490.html
<![CDATA[News - Acquisition of Coricancha will boost Great Panther's silver production by 75% ]]> http://www.proactiveinvestors.com/companies/news/171207/acquisition-of-coricancha-will-boost-great-panther-s-silver-production-by-75-171207.html Dilution? No, sir.

The latest deal from Great Panther Silver Ltd (TSE:GPR) may have transformed the company’s production profile at a stroke, but it comes at zero additional dilution to shareholders and at a pretty modest initial cash outlay too.

Great Panther will pay a mere US$100,000 on closing the acquisition of the Coricancha polymetallic mine from Nyrstar (EBR:NYR), with up to US$10 mln coming only after the project has been successfully put back into production, and even then incrementally in the form of 15% of free cash flow over a five year period.

The real cost involved will be incurred by Great Panther internally in getting the mine up and running again. The bill for this is currently estimated to run to around US$25 mln, although a more precise figure will be forthcoming once a Preliminary Economic Assessment is completed.

That’s not likely to take long, according to Great Panther chief executive Bob, and at that point he’ll be able to talk more about the likely costs, margins and profits that will be involved.

“It’s going to take us a little while once we’re in possession to do a dedicated evaluation of what it’s going to take to bring it back into production,” says Archer.

“Until we get a PEA in place we can’t publicly talk about economics. We’ll be updating the resource probably in the second quarter. What’s there now has to be considered as historical, but the grades are certainly very good. You need that because it’s a narrow-vein deposit. Overall it has the potential to deliver three million ounces of silver equivalent production annually.”

Great Panther is already well-established as a silver and gold producer from a suite of assets across Mexico, but this move into Peru looks set to boost production by 75%.

Hardly surprising then that Archer is upbeat in the wake of the deal. With this one under its belt, there could be more to come from the company.

“We’re pretty excited,” he says. “We’d like to see this as a foundation for continuing to build in Peru. It’s not a one-off. We’re still looking for something else. And we’re also still looking in Mexico.”

The deal for Coricancha took two years to put together, but Archer is hopeful that now that Great Panther has a foothold in Peru, the next deals will come together more easily.

“A lot of the mid-sized deposits in Peru are owned by private families. It’ll be a lot easier for us to get to know them once we’re established in the country.”

That’s a process that’s now getting underway as new recruits are being signed up, the existing care and maintenance team is being added to, and thoughts are now turning to the wider deployment of the US$25 mln that will be required for the restart.

Finding this cash won’t be problematic – it’s sitting there on Great Panther’s balance sheet, and has been since the last spike in the silver price in the summer, when the company raised US$30 mln.

But even back then it was already sitting on top of a substantial cash cushion, such that when the Coricancha deal was announced just before Christmas, the company also revealed that it had US$54 mln in the bank.

That should be ample to fund the redevelopment work at Coricancha, even if the numbers do shift a bit, while the left-over cash will surely provide the cornerstone for Great Panther’s next deal.

When and how that happens remains to be seen, but this is a company that’s changing all the time - shares in Great Panther sat at C$0.71 per share at the beginning of January last year. They opened 2017 at C$2.22, a threefold rise in just 12 months. That rise is a reflection of a metals and mining market that’s come alive during that time, to be sure.

But it’s also a reflection of a company that’s been active, that’s done deals, raised cash, and continued to invest in production. 

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Thu, 05 Jan 2017 12:13:00 -0500 http://www.proactiveinvestors.com/companies/news/171207/acquisition-of-coricancha-will-boost-great-panther-s-silver-production-by-75-171207.html
<![CDATA[News - Great Panther to acquire Coricancha mine, mill complex ]]> http://www.proactiveinvestors.com/companies/news/170752/great-panther-to-acquire-coricancha-mine-mill-complex-170752.html Great Panther Silver Ltd (NYSEMKT:GPL, TSE:GPR) has entered into an agreement with subsidiaries of Nyrstar NV to acquire the Coricancha gold-silver-lead-zinc-copper mine and mill complex (CMC), the company said on Tuesday.

The CMC is located in the central Andes of Peru, approximately 90 kilometres by paved highway east of the city of Lima.

The acquisition will be structured as a share purchase, whereby the company's wholly owned Peruvian subsidiary (GP Peru) will acquire all of the shares of Nyrstar Coricancha SA (Coricancha) from subsidiaries of Nyrstar. Coricancha is the owner of a 100-per-cent interest in the CMC. Closing is subject to customary closing conditions and is expected to take place in the first quarter of 2017.

"We are very excited about the prospects for the Coricancha mine," stated Robert Archer, president and chief executive officer.

"We have built Great Panther by acquiring past-producing mines in Mexico and successfully bringing them back into production. We now hope to replicate this success in Peru, starting with the CMC. The work we completed in 2015 and 2016 during the option term demonstrated substantial upside, and we believe that we have the expertise and discipline to capitalize on that. The project has the potential for annual production of approximately three million silver equivalent ounces, which would be a significant contribution to our growth. Importantly, with more than $54mln in cash, the company is fully financed to bring the mine back into production."

The CMC is a fully permitted polymetallic mine that includes an operational 600-tonne-per-day flotation and gold Biox bioleach plant along with supporting mining infrastructure. The CMC has been on care and maintenance since August, 2013, when it was closed due to falling commodity prices. The CMC property comprises more than 3,700 hectares in the prolific central polymetallic belt, and production at the mine dates back to 1906. Gold-silver-lead-zinc-copper mineralization (approximately 80% gold-silver by value) occurs as massive sulphide veins that have been mined underground by cut-and-fill methods.

The execution of the agreement follows on the option agreement entered into between Great Panther and Nyrstar in May, 2015. Great Panther undertook significant exploration and evaluation work on the CMC in 2015 and 2016 that led to continued negotiations with Nyrstar following the termination of the option agreement.

Under the terms of the purchase agreement, Great Panther will acquire Coricancha from Nyrstar for a purchase price comprising: (i) $100,000 to be paid on closing, (ii) an amount equal to cash on hand in Coricancha at completion and (iii) earn-out consideration of up to $10.0mln. Under the earn-out, Nyrstar will be paid 15% of the free cash flow generated by the CMC during the five-year period after which the CMC is cumulative free cash flow positive from closing.

Great Panther is continuing with its engineering and technical evaluation for the reactivation of the CMC, with the objective of further refining the costs and timing for start-up. At this time, it is expected that it will take approximately 12 to 18 months to bring the mine back into production, based on the engineering studies completed to date, and that the costs to reactivate the mine will be in the order of $25mln. However, these estimates are subject to further review and refinement of the start-up plans.

The company expects to announce further details closer to closing, and to commence the program to restart the mine shortly thereafter, including underground drilling, surface drilling (once permits are obtained), mine development, plant upgrades, and other start-up evaluations and undertakings. In addition, a continuing compilation of underground sampling data will be combined with the data obtained from the company's 2015-2016 drilling programs, during the option phase, to update the resource base.

Nyrstar has agreed to be responsible for certain reclamation work and outstanding fines related to legacy tailings facilities at the CMC that Coricancha will undertake following closing, subject to agreed maximum amounts. In addition, Nyrstar will maintain the existing CMC mine closure bond for three years.

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Tue, 20 Dec 2016 15:12:00 -0500 http://www.proactiveinvestors.com/companies/news/170752/great-panther-to-acquire-coricancha-mine-mill-complex-170752.html
<![CDATA[News - Great Panther Silver shares rise after reporting $2.13mln Q3 net income ]]> http://www.proactiveinvestors.com/companies/news/168500/great-panther-silver-shares-rise-after-reporting-213mln-q3-net-income-168500.html Great Panther Silver Ltd (NYSEMKT:GPL, TSE:GPR) shares rose more than 5% on Thursday after its overnight release of third quarter earnings which turned in net income of $2.13mln in the three months to September 30, reversing a loss of $2.565mln in the same period a year ago.

The company also announced that it commenced reporting its financial results in US dollars as of the third quarter of 2016 and all historical data has been restated in US dollars using the July 1 exchange rate.

During the third quarter of 2016, the company generated $7.2mln in mine operating earnings before non-cash items and $4.2mln in operating cash flows before changes in non-cash net working capital, which represent year-on-year increases of 64% and 254% respectively.

Strong operating results

These strong operating results were primarily attributable to a 22% increase in revenue, or $2.8mln, and a slight decrease in cost of sales. As well as reporting a net income of $2.1mln for the third quarter the adjusted EBITDA increased by 197% to $4.7mln.

Cash and cash equivalents increased by $39.2mln from the start of the year to $52.9mln at Sept. 30, and net working capital increased by $42.8mln to $68.2mln. The increases in cash and net working capital are largely a function of the $29.9mln bought-deal offering that was completed in July, significantly improved cash flows from operating activities and other financing activities.

The 22% revenue increase was primarily attributable to the increase in precious metal prices, as the average realised silver and gold prices for the quarter increased to $19.65 per ounce and $1,326 per ounce, from $13.98 per ounce and $1,069 per ounce respectively.

Positive impact of metal prices

The positive impact of metal prices contributed an estimated $4.1mln increase in revenue. In addition, smelting and refining charges, which are netted against revenue, were $200,000 lower than in the third quarter of 2015.

These positive factors were partly offset by a 7% decrease in metal sales volumes, which had an estimated effect of reducing revenue by $1.2mln, relative to the third quarter of 2015.

The lower metal sales volume was predominantly the result of the lower gold grades at the Guanajuato mine complex, as well as a decrease in production at the Topia mine, due to two temporary shutdowns of operations during the quarter. The company sold 864,605 AgEq ounces during the third quarter of 2016, compared with 931,198 during the same period in 2016, a reduction of 7%.

"Great Panther's third quarter mine operating earnings, operating cash flow and net income all showed significant increases over the third quarter of 2015, reflecting improved metal prices and favourable foreign exchange rates," said Robert Archer, president and chief executive officer.

"In addition, we have seen a significant increase in operating cash flow on a year-to-date basis that, along with the completion of a $29.9-million bought-deal financing in July, has contributed to a significant strengthening of our balance sheet. The company also continues to be debt free."

Great Panther shares were up 5.1% at $1.44 in New York on Thursday.

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Thu, 03 Nov 2016 14:14:00 -0400 http://www.proactiveinvestors.com/companies/news/168500/great-panther-silver-shares-rise-after-reporting-213mln-q3-net-income-168500.html
<![CDATA[News - Great Panther schedules Q3 results for Nov 2 after closing bell ]]> http://www.proactiveinvestors.com/companies/news/168163/great-panther-schedules-q3-results-for-nov-2-after-closing-bell-168163.html Great Panther Silver Ltd. (NYSEMKT:GPL, TSE:GPR) will release its third quarter 2016 financial results for Wednesday, November 2 after the market close.

A conference call and webcast will be held on November 3 at 1100 EDT.

Great Panther Silver is a primary silver mining and exploration company listed on the Toronto Stock Exchange and on the NYSE MKT. Great Panther's current activities are focused on the mining of precious metals from its two wholly-owned mining operations in Mexico: the Guanajuato Mine Complex, which includes the San Ignacio Mine, and the Topia Mine in Durango.

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Thu, 27 Oct 2016 12:18:00 -0400 http://www.proactiveinvestors.com/companies/news/168163/great-panther-schedules-q3-results-for-nov-2-after-closing-bell-168163.html
<![CDATA[News - Great Panther on target to meet 2016 output guidance ]]> http://www.proactiveinvestors.com/companies/news/167317/great-panther-on-target-to-meet-2016-output-guidance-167317.html Great Panther Silver Ltd. (NYSEMKT:GPL, TSE:GPR) said it is still on target to meet 2016 output guidance and lowered cash costs, despite silver and gold output slipping in the third quarter at its two wholly-owned Mexican silver mining operations.

The mines comprise of the Guanajuato mine complex, which includes the San Ignacio mine, as well as the Topia mine in Durango.

Consolidated metal production decreased 12% to 953,632 silver-equivalent ounces (AgEq) in the third quarter versus the same period a year ago.

Silver production decreased 13% to 510,491 silver ounces while gold production decreased 11% to 5,423 gold ounces.

However, ore processed increased 2%, with 95,282 tonnes milled.

"Despite the third quarter being challenged by lower grades, recoveries and two temporary shutdowns, we expect to meet our production guidance for 2016," stated Robert Archer, president and chief executive officer.

"Furthermore, we expect to continue the trend of significant reductions in our cash costs over prior-year levels."

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Wed, 12 Oct 2016 16:43:00 -0400 http://www.proactiveinvestors.com/companies/news/167317/great-panther-on-target-to-meet-2016-output-guidance-167317.html
<![CDATA[News - Great Panther may make more than just one acquisition, says chief ]]> http://www.proactiveinvestors.com/companies/news/165733/great-panther-may-make-more-than-just-one-acquisition-says-chief-165733.html News from Great Panther Silver Limited (TSE:GPR) is likely to come in two forms over the coming weeks or months.

The first will be the updates from the company’s two Mexican mines, Guanajuato and Topia, where things are running pretty much as normal.

“At Guanajuato,” says chief executive Bob Archer, “it’s steady as she goes. We’re going through an area of slightly lower grade, which will impact a little bit in the third quarter, but we’re progressing.”

And mining has now resumed at Topia after a brief hiatus that followed the death of the company’s mine manager, in an incident off-site and unrelated to Great Panther’s operations.

It seemed prudent to allow the new mine manager a little bedding in time, but that’s now done and the re-start almost a month in the past.

The target for this year is for production of between 4 mln and 4.2 mln ounces of silver equivalent across both projects, at an all-in sustaining cost of between US$12.00 and US$14.00 per ounce.

Sustaining costs are thus set to be higher than the first half as a new tailings dam is under construction at Topia, but with silver bobbing around at the US$20 mark for some months now, margins should be pretty comfortable.

So that’s the first form of news – operational progress, operating cashflow, and operating profits.

The second form is a lot more speculative.

But it’s no secret that Great Panther has been on the hunt for deals for some time now, and a huge fundraising undertaken over the summer was widely supported with this proposition very much to the fore.

“A big part of our focus is on the acquisitions front,” says Archer. “We’re still working on the Coricancha project in Peru although it’s difficult to say much because there are confidentiality agreements in place.”

Great Panther signed a two-year option on Coricancha back in May of 2015 but hasn’t said too much about it since. The project is a former producer, and was billed at the time as a near-term re-start opportunity, having only gone on care and maintenance in 2013.

And when the time came for the second US$1.5 mln option payment to be made over, in May of this year, the option was officially allowed to lapse. But even then, the company said that it was still evaluating the project.

And Archer’s mention of it again, some months on, shows that there’s still clearly something there for Great Panther if the right deal can be struck.

But that’s not the only iron in the fire for Archer.

Coricancha was already a known quantity when the company went out and raised just shy of US$30 mln in a bought deal in July.

“The financing in the summer was taking advantage of the run up in silver prices to give us a better balance sheet and to give us more flexibility when it comes to acquisitions,” says Archer. “It’s always better to take the money when it’s offered.”

Given that the company was already sitting on a sizeable cashpile before the financing was put together, Great Panther now has quite some warchest at its disposal.

But Archer’s clear that in the type of transaction he’s looking to undertake cash will be king. “Many of the things we’re looking at are not public and so we can’t really do share-for-share transactions,” he says, although at that point he also mentions that, although Nyrstar is public, it is divesting all its mining assets.

But after all, there could be more than one type of deal on the go with more than one type of company.

“We want to make sure that we have enough cash to make acquisitions,” continues Archer. “It’s conceivable that we could do one or two, or even three, if the price is right.”
 

 

 

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Mon, 12 Sep 2016 14:22:00 -0400 http://www.proactiveinvestors.com/companies/news/165733/great-panther-may-make-more-than-just-one-acquisition-says-chief-165733.html
<![CDATA[News - Great Panther shares higher, resumes mining at Topia, Mexico ]]> http://www.proactiveinvestors.com/companies/news/129308/great-panther-shares-higher-resumes-mining-at-topia-mexico-129308.html Great Panther Silver (NYSEMKT:GPL) shares were 2% higher on Friday after the company signalled it was resuming mining and processing operations with immediate effect at its Topia mine in Durango, Mexico.

The site had been temporarily shutdown since last week.

Great Panther shares were up 2.1% at $1.47 on Friday.

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Fri, 12 Aug 2016 14:54:00 -0400 http://www.proactiveinvestors.com/companies/news/129308/great-panther-shares-higher-resumes-mining-at-topia-mexico-129308.html
<![CDATA[News - Great Panther in strong position to return to profitability - Rodman ]]> http://www.proactiveinvestors.com/companies/news/129131/great-panther-in-strong-position-to-return-to-profitability-rodman-129131.html Broker Rodman repeated a 'buy' on silver miner Great Panther Silver Ltd (TSE:GPR, NYSEMKT:GPL) following its recent second quarter results and said the group was in a strong position to return to profitability during the rest of the year.

The firm reported a net loss of $1.7 million in the quarter, down from a loss of $4.5 million in the preceding three months.

Earnings were negatively impacted by a $6.4 million foreign exchange loss and a $2.2 million impairment charge related to the termination of the Coricancha agreement, noted analyst Heiko Ihle.

He also said that the average silver price realised during the quarter was $17.82 per ounce - below the current silver spot price of more than $20 an ounce.

"In our view, higher silver prices throughout 2H16 coupled with the elimination of one-time negative charges should place Great Panther in strong position to return to profitability during the remainder of the year," said Ihle.

The company milled 99,905 tonnes in the quarter, up 14% from 87,476 tonnes the year before, while silver equivalent ounces produced eased 5% to 1.04mln from 1.09mln the year before.

Rodman highlighted that management had repeated that production during the first half was on-target to meet annual guidance of between 4 and 4.2 million silver equivalent ounces and lowered cost guidance due to impressively low costs in the first half.

"In our view, production should continue to remain somewhat stable while the firm focuses on reducing costs further at both the GMC and Topia.

"We note the firm’s strong balance sheet, which was recently strengthened via a $29.9 million capital raise."

Ihle said: " In short, we think the firm is well positioned to continue to produce at a steady-state while improving costs and evaluating external opportunities for a potentially transformative acquisition."

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Mon, 08 Aug 2016 13:09:00 -0400 http://www.proactiveinvestors.com/companies/news/129131/great-panther-in-strong-position-to-return-to-profitability-rodman-129131.html
<![CDATA[News - Great Panther Silver earnings more than double in Q2 year-on-year ]]> http://www.proactiveinvestors.com/companies/news/129038/great-panther-silver-earnings-more-than-double-in-q2-year-on-year-129038.html Precious metals miner Great Panther Silver Ltd (TSE:GPR, NYSEMKT:GPL) saw adjusted underlying earnings (EBITDA) more than double year-on-year in the second quarter.

An uplift in silver and gold prices contributed to adjusted EBITDA surging to C$9.85mln in the second quarter of 2016 from C$3.57mln in the corresponding period of 2015.

Revenue rose 33% to C$25.58mln from C$19.18mln the year before.

The company milled 99,905 tonnes in the quarter, up 14% from 87,476 tonnes the year before.

Silver equivalent ounces produced eased 5% to 1.04mln from 1.09mln the year before.

The cost per tonne milled tumbled to US$86 from US$109 dollars the previous year.

"Great Panther's mine operating earnings before non-cash items increased 96% over the second quarter of 2015 due to higher silver and gold prices, favourable foreign exchange rates, and continued strong operating performance,” said Robert Archer, the president and chief executive officer (CEO) of Great Panther.

“These factors were also reflected in significant increases in operating cash flow and adjusted EBITDA, and contributed to significant growth in our cash and net working capital balances", Archer added.

"The substantial increase in our cash flow and margins were also reflective of 74% and 43% reductions in our cash cost and all-in sustaining cost compared to the second quarter of 2015. These came in at an impressive US$1.72 and US$7.19, respectively, for the second quarter. As such, we are taking the step to reduce our cash-cost and all-in sustaining cost guidance for the year while maintaining our production guidance," the CEO revealed.

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Thu, 04 Aug 2016 15:20:00 -0400 http://www.proactiveinvestors.com/companies/news/129038/great-panther-silver-earnings-more-than-double-in-q2-year-on-year-129038.html
<![CDATA[News - Great Panther Silver produces 1.04mln oz silver equivalent in Q2 ]]> http://www.proactiveinvestors.com/companies/news/128266/great-panther-silver-produces-104mln-oz-silver-equivalent-in-q2-128266.html Great Panther Silver Ltd (NYSEMKT:GPL) has reported a 13% increase in gold output in the second quarter from its two wholly-owned Mexican silver mining operations at Guanajuato and the Topia mine in Durango.

Gold production increased to 6,010 gold ounces produced over the second quarter of 2015.

Consolidated metal production decreased 5% to 1,037,728 silver equivalent ounces, with silver the main culprit. Silver production decreased 17% to 536,726 silver ounces.

Production in the second quarter of 2016 was consistent with the annual guidance of four million to 4.2 million ounces AgEq (using a 70:1 silver:gold ratio). This rate of production is currently anticipated to continue for the balance of the year.

It is possible that the transition of the phase I tailings dam at Topia to the phase II dry-stack dam, scheduled for the third and fourth quarters, may result in a temporary disruption of throughput at the plant while mined ore is stockpiled for later processing. This transition is targeted to extend the life of the company's tailings storage facility by five to seven years of production.

Production from the San Ignacio mine is expected to gradually increase through the balance of 2016, with a corresponding decrease from the main Guanajuato mines. This should result in higher gold production relative to silver.

Additionally, the company is completing its evaluation of the Coricancha mine in Peru and continues to review acquisition opportunities in the Americas on a regular basis.

"Great Panther's second quarter production of 1.04 million ounces AgEq was consistent with the previous quarter and is in line with the company's annual guidance, reflecting our continued focus on operational efficiencies," stated Robert Archer, president and chief executive officer.

"The increase in gold production and decrease in silver production compared to a year ago and to the first quarter of 2016 are a direct result of the increased production from San Ignacio, which has a higher gold-to-silver ratio. By maintaining consistent production at low cost, Great Panther is well positioned to benefit from the recent rise in commodity prices,” he added.

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Fri, 15 Jul 2016 13:12:00 -0400 http://www.proactiveinvestors.com/companies/news/128266/great-panther-silver-produces-104mln-oz-silver-equivalent-in-q2-128266.html
<![CDATA[News - Great Panther Silver brings in US$29.9mln in bought deal ]]> http://www.proactiveinvestors.com/companies/news/128127/great-panther-silver-brings-in-us299mln-in-bought-deal-128127.html Great Panther Silver Limited (TSE:GPR) has raised a total of US$29.9mln via a bought deal offering.

The group sold more than 18.6mln units at US$1.60 each, of which over 2.4mln were for a fully exercised over allotment option.

Initially the company had sought US$20 mln, but high levels of demand pushed up the amount of the raise, and an overallotment option was added.

The precious metals miner said it wants to use the net proceeds of the offering, together with the company's current cash resources, to finance operating, development and exploration expenditures at its mining operations and projects; for possible future acquisitions; and for general corporate and working capital purposes.

It’s an auspicious time for a silver company to be in the market raising money, as silver has shot up by 25% over the past month from US$16 per ounce to a current price just shy of US$20 per ounce.

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Tue, 12 Jul 2016 11:07:00 -0400 http://www.proactiveinvestors.com/companies/news/128127/great-panther-silver-brings-in-us299mln-in-bought-deal-128127.html
<![CDATA[News - Great Panther raises C$26 mln in bought deal ]]> http://www.proactiveinvestors.com/companies/news/127961/great-panther-raises-c26-mln-in-bought-deal-127961.html Great Panther Silver Limited (TSE:GPR) is raising C$26 mln via a bought deal underwritten by Cantor Fitzgerald, Sprott, Rodman & Renshaw, and Euro Pacific.

It’s an auspicious time for a silver company to be in the market raising money, as silver has shot up by 25% over the past month from US$16 per ounce to a current price just shy of US$20 per ounce.

Indeed, earlier in the week silver had traded even higher.

Great Panther is a long-standing name in silver production, having been active at its three main mines at Guanajuato, Topia and San Ignacio for many years.

The company will issue 16.25 unites at a price of US$1.60 per unit, with each unit consisting of a share and half a US$2.25 warrant.

Initially the company had sought US$20 mln, but high levels of demand pushed up the amount of the raise.

There’s also an overallotment option which could push the total amount of new cash delivered into Great Panther’s coffers up to US$29.9 mln.

In the first half of 2016 the company produced a total of 539,472 ounces of silver as part of a larger total of just over one million ounces of silver equivalent. 

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Thu, 07 Jul 2016 08:08:00 -0400 http://www.proactiveinvestors.com/companies/news/127961/great-panther-raises-c26-mln-in-bought-deal-127961.html
<![CDATA[News - Great Panther Silver shares surge as it terminates exclusivity arrangement at Coricancha ]]> http://www.proactiveinvestors.com/companies/news/125826/great-panther-silver-shares-surge-as-it-terminates-exclusivity-arrangement-at-coricancha-125826.html Great Panther Silver Ltd (TSE:GPR, NYSEMKT:GPL) has served notice it would not be taking up its option over the Coricancha mine in Peru.

Shares surged more than 6% as the company said it would be ending the option agreement for a 100% interest in the mine, thus obviating the need to make an option payment to Nyrstar, the owner of the mine.

That might not be the end of the story, however, as the company said it is continuing with its evaluation of the project and may still enter into negotiations for the purchase of the mine.

"We have completed a significant amount of evaluation work at the Coricancha mine over the past year," stated Robert Archer, president and chief executive officer.

"Based upon the information generated to date, Great Panther's management has determined that the most prudent course of action is not to make the second option payment due on May 18. While this will have the effect of terminating the company's right to exclusivity on the Coricancha property, there is more data to be analyzed over the next few months that may result in further negotiations with Nyrstar towards an outright purchase. Consequently, we will continue with our evaluation until we have sufficient information to make a definitive decision in this regard."

Great Panther is also continuing to seek and evaluate other projects, acquisitions and growth opportunities in the Americas, it told investors.

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Wed, 11 May 2016 13:52:00 -0400 http://www.proactiveinvestors.com/companies/news/125826/great-panther-silver-shares-surge-as-it-terminates-exclusivity-arrangement-at-coricancha-125826.html
<![CDATA[News - Great Panther shares gain after Q1 earnings rise to C$3.7mln ]]> http://www.proactiveinvestors.com/companies/news/125618/great-panther-shares-gain-after-q1-earnings-rise-to-c37mln-125618.html Great Panther Silver (NYSEMKT:GPL) shares rose on Thursday after the company announced falling costs and a rise in first-quarter earnings, while previously announced production and cost guidance for the year ending Dec. 31, 2016, remains unchanged.

Adjusted EBITDA (earnings before interest, taxes, depreciation and amortisation) increased to C$3.7mln in the three months to March 31, compared with C$3.6mln.

The net loss of C$4.5mln for the first quarter of 2016, versus a net profit of C$3.5mln in the same period in 2015, is primarily attributable to a C$6.1mln net foreign exchange loss incurred in the period. That compares with a C$6.0mln foreign exchange gain incurred in the first quarter of 2015.

In addition, the C$1.5mln increase in EE&D expenses and a C$300,000 increase in income tax expense contributed to the net loss in the first quarter of 2016. These factors were partly offset by a C$5.6mln increase in mine operating earnings, as well as the C$300,000 decrease in general and administrative (G&A) expenses.

For the first quarter of 2016, the company reduced all-in sustaining costs (AISC) per payable silver ounce by 36% to $9.25, which contributed to strong operating earnings and free cash flow margins from the company's operating mines. While lower cash cost per payable silver ounce was the primary factor in the reduction in AISC, lower-than-normal development and sustaining capital expenditures relating to the company's operating mines also contributed to the decline in AISC. These factors were mainly due to the timing of expenditures and AISC is expected to trend toward the company's guidance range during the remainder of the year.

Gold output increased by 19% to 5,599 gold ounces, to outweigh a fall in silver production of 10% to 539,472 ounces.

Net working capital increased to C$35.5mln at March 31, from C$33.2mln at Dec. 31, 2015.

"Great Panther continued to deliver strong performance from its operations in the first quarter, including continued reductions in cash costs and all-in sustaining costs, while staying on track with our full-year operating guidance," stated Robert Archer, president and chief executive officer.

"Our mine operating earnings before non-cash items increased 16% over the first quarter of the prior year due to significantly lower cash costs and favourable foreign exchange rates. Consolidated cash cost for the company continued the declining trend of last year to reach $4.20 per payable silver ounce, an impressive reduction of 52% from the first quarter in 2015," he added.

Great Panther shares were 3.2% higher at $1.62 on Thursday.

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Thu, 05 May 2016 15:23:00 -0400 http://www.proactiveinvestors.com/companies/news/125618/great-panther-shares-gain-after-q1-earnings-rise-to-c37mln-125618.html
<![CDATA[News - Great Panther Silver to release Q1 2016 results May 4 ]]> http://www.proactiveinvestors.com/companies/news/125202/great-panther-silver-to-release-q1-2016-results-may-4-125202.html Great Panther Silver (NYSEMKT:GPL) has scheduled the release of its first quarter 2016 financial results for Wednesday, May 4, 2016, after market close.

A conference call and webcast will be held on Thursday, May 5, 2016, at 11 a.m. Eastern Time (8 a.m. Pacific Time), to discuss the results. The call will be hosted by Robert Archer, president and chief executive officer, and Jim Zadra, chief financial officer and corporate secretary.

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Mon, 25 Apr 2016 14:16:00 -0400 http://www.proactiveinvestors.com/companies/news/125202/great-panther-silver-to-release-q1-2016-results-may-4-125202.html
<![CDATA[News - Great Panther Silver a Buy with raised target price from Rodman ]]> http://www.proactiveinvestors.com/companies/news/124832/great-panther-silver-a-buy-with-raised-target-price-from-rodman-124832.html Great Panther Silver (NYSEMKT:GPL) is reiterated as a Buy with a raised target price of $1.50 from $1.10, according to a report on Thursday from brokers at Rodman & Renshaw.

"Our updated price target is primarily a reflection of our expectation of the lower costs achieved towards the end of 2015 continuing into 2016. Our valuation remains predicated on DCF of operations at both Guanajuato and Topia utilising a 10% discount rate," the analysts said.

"Our 4.0mln silver equivalent ounce run rate is expected to remain steady, while management continues to evaluate external growth opportunities. In short, we expect Great Panther to take an acquisitive stance throughout 2016, primarily in an effort to add near-term production to its producing Mexican assets," they added.

The broker said that while the majority of the firm’s production (approximately 75%) was attributable to the Guanajuato Mine Complex, improvements were being made at the higher-cost Topia Mine.

"While total tonnage dipped marginally from 15,223 tonnes to 15,034 tonnes during the quarter, silver production reached 164,199 ounces. Gold production increased to 167 ounces—increases over the prior quarter of 4% and 19%, respectively," the note said.

"Given that the firm was able to slightly increase production rates while lowering throughput, we believe management’s initiative to contain costs at the site are beginning to bear fruit and have therefore updated our cost estimates ahead of the 1Q16 financial results accordingly," it added.

The note follows Great Panther Silver's first quarter 2016 output numbers, released on Wednesday. For more news, click here.

Great Panther shares were last down 5 cents at $1.11.

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Thu, 14 Apr 2016 14:28:00 -0400 http://www.proactiveinvestors.com/companies/news/124832/great-panther-silver-a-buy-with-raised-target-price-from-rodman-124832.html
<![CDATA[News - Great Panther Silver produces more ounces from fewer tonnes ]]> http://www.proactiveinvestors.com/companies/news/124767/great-panther-silver-produces-more-ounces-from-fewer-tonnes-124767.html Mexico-focused miner Great Panther Silver Ltd (NYSE:GPL, TSE:GPR) reported a 2% increase in silver equivalent ounces across its operations in the first quarter compared to the same period in 2015.

The performance was in line with its guidance for the full year 2016 of between 4mln and 4.2mln silver equivalent ounces.

Gold production was up 19% compared to last year's first quarter, at 5,599 ounces, while silver was down 10% to 539,472 ounces. The overall amount of ore processed fell 11% to stand at 86,683 ounces (2015: 99,252 ounces).

The firm's flagship project is the Guanajuato mine complex, which includes the San Ignacio is a satellite operation. The group also runs the Topia mine in the Sierra Madre Mountains of Durango state.

Chief executive Robert Archer told investors: "Great Panther's first quarter production of 1.01 million silver equivalent ounces is in-line with our annual guidance, and reflects our plans for modest growth and further focus on operational efficiency in 2016 after achieving 30% growth last year.

"The increase in gold production and decrease in silver production are a direct result of the rising production from San Ignacio, which has a higher gold to silver ratio, and pillar recoveries at the Guanajuato mines.

"Our team's continued pursuit of greater efficiencies and better grade control is another important factor in the overall success for the quarter and is reflected in more ounces produced from less tonnes."

The miner added that with much of the underground development work at San Ignacio now complete, production was expected to gradually increase over the rest of the  year, alongside a corresponding decrease from the main Guanajuato mines, which should mean higher gold production relative to silver.

As the firm continues to evaluate the Coricancha Mine in Peru, other acquisition opportunities are being reviewed, it added.

At Topia in the first quarter silver equivalent production was down 7% compared to Q1 2015 at 254,237 ounces, while at the Guanajuato Mine Complex, output of Ag eq oz was up 6% over the same periods, at 755,555 ounces.

Last month the firm said production at the group's mines for all of 2015 was a record 4,159,121 silver equivalent ounces - a 30% increase, which including 1,276,808 silver equivalent ounces from San Ignacio.

Silver production increased 25% to a record 2,386,028 silver ounces, while gold output increased 32% to a record 21,740 ounces.

Revenues came in at $73.4 million, while costs per payable silver ounce decreased 41% to US$7.50 per ounce.

The firm narrowed the net loss to $9.3 million from a loss of $33mln the previous year.

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Wed, 13 Apr 2016 10:44:00 -0400 http://www.proactiveinvestors.com/companies/news/124767/great-panther-silver-produces-more-ounces-from-fewer-tonnes-124767.html
<![CDATA[News - Endeavour Silver, Great Panther Silver seen as 'buys' ]]> http://www.proactiveinvestors.com/companies/news/123443/endeavour-silver-great-panther-silver-seen-as-buys--123443.html Notes, following results last week, looked on both Endeavour Silver (TSE:EDR) and Great Panther Silver (TSE:GPR) positively.

Analyst Heiko Ihle highlighted that Endeavour would be moving towards higher margin ounces as it reshapes its production profile, while separately, pointing out that Great Panther had beat both financial and operational expectations for 2015.

ENDEAVOUR MOVING TO HIGHER MARGIN OUNCES

Ihle reckons Endeavour’s management has made the right decision in putting the El Cubo mine on standby, and highlighted the potential for the project to contribute again in the future should metal prices recover.

“While the decision to curtail operations is never easy, we believe management made the right decision by idling operations at El Cubo for now,” Ihle said.

“That being said, we believe the project holds strong potential should silver prices recover to the $20 per ounce range.”

The analyst’s valuation is based mainly on a discounted cash flow model of the Guanaceví and Bolañitos mines, while El Cubo is valued at a flat $30mln and the Terronera development project is estimated to be worth C$15mln.

“In our view, while 2015 production is expected to dip relative to 2014 totals, the shift towards higher-margin ounces with El Cubo on care and maintenance should allow AISC to further decrease,” Ihle added.

“That being said, we expect management utilize its expertise in operating silver mines in Mexico while evaluating external growth opportunities going forward.”

GREAT PANTHER BENEFITTING FROM LOWER COSTS

Looking at Great Panther, meanwhile, the analyst highlighted: “In our view, operational outperformance was achieved due to the San Ignacio mine, which carries higher grades, continuing to become a greater contributor to the overall production total.

“That being said, Great Panther exited the year with $17.9 million in cash and no debt.

“In our view, the firm’s clean balance sheet should allow for flexibility with respect to not only weathering the current downturn in silver prices, but also remaining acquisitive over the next few quarters.”

Ihle added: “we believe production rates should remain steady around this figure and expect management to continue to focus on cost containment while evaluating external growth opportunities.”

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Tue, 08 Mar 2016 14:02:00 -0500 http://www.proactiveinvestors.com/companies/news/123443/endeavour-silver-great-panther-silver-seen-as-buys--123443.html
<![CDATA[News - Great Panther Silver reports 35% increase in revenue and record production ]]> http://www.proactiveinvestors.com/companies/news/123412/great-panther-silver-reports-35-increase-in-revenue-and-record-production-123412.html Great Panther Silver (NYSE:GPL, TSE:GPR) posted a 35% increase in revenues in 2015 as the Mexico-focused miner reported lower costs and record production.

All in sustaining costs (AISC) decreased 38% to US$13.76 an ounce, while revenues came in at $73.4 million.

Cash costs per payable silver ounce decreased 41% to US$7.50 per ounce, while adjusted underlying earnings (EBITDA) was $9.3 million compared to $0.3 million in 2014.

The firm narrowed the net loss to $9.3 million from a loss of $33mln the previous year.

Production at the group's mines was a record 4,159,121 silver equivalent ounces - a 30% increase, which including 1,276,808 silver equivalent ounces from San Ignacio.

Silver production increased 25% to a record 2,386,028 silver ounces, while gold output increased 32% to a record 21,740 ounces.

The firm's flagship project is the Guanajuato mine complex. San Ignacio is a satellite operation, which started producing two years ago. The group also runs the Topia mine in the Sierra Madre Mountains of Durango state.

Robert Archer, chief executive, told investors: "Strong operating results translated into substantial increases in our operating margins and operating cash flow for 2015, despite continued declines in silver and gold prices.

He added: "Production increased 30% as a result of the ramp-up of San Ignacio and improvements in grade control and operating efficiencies. 

"These factors, combined with favourable foreign exchange rates, also resulted in significantly reduced cash cost and all-in sustaining cost.  In addition, our strong operating cash flow enabled us to invest in strategic initiatives and fund advanced exploration projects while maintaining our strong cash and working capital balances."

The net loss was mainly a result of non-cash expenses of $14.8-million, and exploration, evaluation and development (EE&D) expenditures of $8.3-million, which reflected increases in project expenditures,  including significant exploration and evaluation on the Coricancha mine complex in Peru.

Great Panther also recorded a $3.0-million write-down at the end of the year related to its decision to terminate an option agreement on the Guadalupe de los Reyes (GDLR) project. 

Cash at end of year stood at $17.9mln - barely changed from$18.0 million as at the end of 2014.

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Tue, 08 Mar 2016 08:25:00 -0500 http://www.proactiveinvestors.com/companies/news/123412/great-panther-silver-reports-35-increase-in-revenue-and-record-production-123412.html
<![CDATA[News - Great Panther Silver unveils resource upgrade for Guanajuato mine ]]> http://www.proactiveinvestors.com/companies/news/122815/great-panther-silver-unveils-resource-upgrade-for-guanajuato-mine-122815.html Great Panther Silver (NYSEMKT:GPL, TSE:GPR) has unveiled a resource upgrade at the Guanajuato mine complex, Mexico, where it has more than replaced what it has produced.

Overall, the company has increased the amount of material estimated in higher confidence resource categories.

GMC is now estimated to host some 6.1mln silver equivalent ounces in the measured and indicated resource category, comprising 510,068 tonnes at an average grade of 181grams per tonne silver and 2.70 grams per tonne gold.

It now has some 169,894 tonnes of measured resources, grading 172 g/t silver and 2.18 g/t gold for 4.3mln silver equivalent ounces which is 36% more than last year’s estimate.

The upgrade comes as the San Ignacio Mine’s resources are now classified as measured for the first time, Great Panther explained.

“In 2015, we successfully replaced what we mined at the GMC and upgraded much of the San Ignacio Resource to higher categories", said Robert Archer, Great Panther chief executive.

"Going forward, we will continue our efforts to expand and further define the resource at the San Ignacio Mine, while conducting more definition and exploratory drilling within the main Guanajuato Mine itself."

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Mon, 22 Feb 2016 10:44:00 -0500 http://www.proactiveinvestors.com/companies/news/122815/great-panther-silver-unveils-resource-upgrade-for-guanajuato-mine-122815.html
<![CDATA[News - Great Panther Silver unveils record-breaking output ]]> http://www.proactiveinvestors.com/companies/news/121511/great-panther-silver-unveils-record-breaking-output-121511.html Shares in Great Panther Silver (TSE:GPR, NYSE:GPL) rose over 7% in Toronto as it broke multiple records in 2015 at its Mexico mines.

There was a 30% increase in metal production last year to a record 4.16mln silver equivalent ounces, which beat guidance of 3.8 to 3.9mln equivalent ounces.

Silver production rose 25% to a record 2.4mln ounces and gold output rose 32% to  a record beating 21,740 gold ounces.

Ore processed also increased 12% to a record 375,332 tonnes.

In the fourth quarter, metal production compared to the same period in 2014, rose 10% to around 1mln silver equivalent ounces, with gold production up 17%, silver output up 1% and tonnes milled up 2%.

Robert Archer, president and chief executive, told investors: "Continued strong performance in the fourth quarter capped off a transformative year for Great Panther.

"We delivered new annual records for silver, gold, and total metal production and beat our already upwardly revised guidance by about 300,000 Ag eq oz. 

"The ongoing ramp up in production at San Ignacio, with higher gold grades, was the major factor in this year-over-year increase.

"In addition, Topia exceeded one million Ag eq oz for the first time. Operational efficiencies and grade control improved significantly and I would like to congratulate our entire team for a banner year. 

"The increase in production at higher grades allowed us to lower our costs substantially such that Great Panther is well-positioned to withstand this period of depressed metal prices and take advantage of future price rises."

The company runs two wholly-owned mining operations in Mexico. These are the Guanajuato Mine complex, which includes the San Ignacio Mine, and the Topia Mine in Durango.

To build on the achievement in 2015, the miner said it will focus on operational efficiencies and grade control in 2016 amid continued low metal prices.

Although overall production at the Guanajuato Mine complex is planned to remain at similar levels to 2015, San Ignacio is expected to account for a larger proportion of the throughput, while Topia is also expected to produce at similar levels as in 2015.

Consolidated cash costs are anticipated to be in the range of US$5.00 to US$7.00 per ounce of payable silver, while all-in sustaining costs (ASIC) are projected to be US$13.00 - 15.00 per ounce of payable silver.

Drilling at Guanajuato in 2016 will focus on increasing the resource base at the main Guanajuato mines and at San Ignacio, the company added.

Shares in Toronto added 7.02% today to stand at C$0.61

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Tue, 19 Jan 2016 12:52:00 -0500 http://www.proactiveinvestors.com/companies/news/121511/great-panther-silver-unveils-record-breaking-output-121511.html
<![CDATA[News - Great Panther Silver’s drilling shows potential of Mexico project ]]> http://www.proactiveinvestors.com/companies/news/120805/great-panther-silvers-drilling-shows-potential-of-mexico-project-120805.html Great Panther Silver (TSE:GPR) shares nudged up nearly 5% in Toronto as it said its surface drill programme at the Guadalupe de los Reyes (GDLR) project in Sinaloa, Mexico had confirmed the high grade nature of certain zones.

The programme was completed this month and, in all, 5,514 metres were drilled in 41 holes.

Among the highlights was an intercept of 9.2 metres, which assayed 11.28 grams per tonne gold and 212 g/t silver in one hole at the Noche Buena zone.

The work was focused  on infilling and expanding higher grade areas within the Guadalupe, Noche Buena, San Miguel and Zapote zones.

Robert Archer, the group's president and chief executive, told investors: "The successful completion of our recent drill program at the GDLR project has confirmed the high-grade nature of certain zones of gold-silver mineralisation.

"We are now using this information to generate an updated mineral resource estimate and an 'in-house' preliminary economic model for a combined underground open pit mining scenario."

Shares in the company added 4.76% to stand at C$0.66 each.

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Wed, 23 Dec 2015 11:21:00 -0500 http://www.proactiveinvestors.com/companies/news/120805/great-panther-silvers-drilling-shows-potential-of-mexico-project-120805.html
<![CDATA[News - Great Panther Silver still a 'buy' for Gold Newsletter maven ]]> http://www.proactiveinvestors.com/companies/news/119699/great-panther-silver-still-a-buy-for-gold-newsletter-maven-119699.html Great Panther Silver (TSE:GPR) remains a firm favorite of Brien Lundin, who has reiterated his 'buy' recommendation in the November edition of the Gold Newsletter.

Lundin had recommended buying the shares 13 times in the newsletter between October 2005 and September 2015, and he bangs the drum again for the Mexican silver producer in the latest issue.

Lundin argues that the firm is coping well with the low metal price environment, with revenue in the third quarter rising to $16.8mmln from $12.8mln the year before on the back of an impressive increase in production to 1.08mln ounces of silver equivalent from 890,641 ounces a year earlier.

Encouragingly, cash costs per silver ounce fell by 41% year-on-year while all-in sustaining costs fell 32%.

Lundin says the trend of these two key metrics is a positive for Great Panther, and it should feel the benefit when silver prices rally from their currently low levels.

The company has plenty of exploration potential, Lundin notes, and is cracking on with its drilling programs at its Guadalupe de los Reyes and Coricancha projects, plus its flagship Guanajuato mining complex.

Gold Newsletter is now in its fourth decade and claims to be the oldest and most respected precious metals and mining stock newsletter in the world.

Shares in Great Panther currently trade at 63 cents in Toronto, and rose 3.3% on Tuesday.

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Wed, 25 Nov 2015 07:03:00 -0500 http://www.proactiveinvestors.com/companies/news/119699/great-panther-silver-still-a-buy-for-gold-newsletter-maven-119699.html
<![CDATA[News - Great Panther still a roaring buy, says Rodman & Renshaw ]]> http://www.proactiveinvestors.com/companies/news/117250/great-panther-still-a-roaring-buy-says-rodman-renshaw-117250.html Rodman & Renshaw has set a C$1.10 target for Great Panther Silver (CVE:GPL), following third quarter financial results which showed the company still turning a profit in spite of the tough market.

The broker highlighted that Great Panther continues to produce silver at an all-in sustaining cost of US$13.08 per ounce, which is lower than the current spot price of US$15.00.

Having said that, the expectation is that costs will rise slightly in the fourth quarter as a result of planned capital expenditures and development work.

With C$18.7mln in cash on the balance sheet, Great Panther continues to look well-insulated in the current weak precious metals market.

What’s more, the ramp up continues at the new development at San Ignacio, part of Great Panther’s long-standing Guanajuato mine complex.

San Ignacio now accounts for over half the silver equivalent ounces now produced by Guanjuato, helped along by strong gold grades.

With costs for next year forecast to drop back to US$13.00 per ounce, Rodman & Renshaw argues that the company “remains well positioned to continue advancing its projects despite lower metals prices.”

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Mon, 09 Nov 2015 08:52:00 -0500 http://www.proactiveinvestors.com/companies/news/117250/great-panther-still-a-roaring-buy-says-rodman-renshaw-117250.html
<![CDATA[News - Great Panther Silver on course to exceed guidance ]]> http://www.proactiveinvestors.com/companies/news/116276/great-panther-silver-on-course-to-exceed-guidance-116276.html Great Panther Silver (TSE:GPR, NYSE:GPL) is on course to produce more than expected in 2015 after continued strong production growth in the third quarter.

The Latin America-focused precious metals miner saw record gold production of 6,079 ounces (oz) in the quarter, up from 5,322 oz in the preceding quarter and 4,200 oz in the corresponding quarter of 2014.

Silver production was up 4% at 586,918 oz from 565,965 oz a year earlier, but was down from 648,810 oz in the second quarter of this year.

In "silver equivalent ounces" (Ag eq oz, in geologist's speak), production was up 21% year-on-year at 1.08mln oz.

Metal production to date in 2015 totals more than 3.1 million Ag eq oz and production for the year is expected to exceed the annual guidance that was increased last quarter to 3.8 to 3.9 million Ag eq oz, the company said.

The company has enjoyed higher grades, which point to continued strong performance on cash costs and all-in sustaining costs, though investors will have to wait until third quarter results are released on 4 November to find out the extent of the effect of the better grades.

"Great Panther's third quarter continued this year's trend of delivering strong operational performance at the Guanajuato Mine Complex [GMC] and the Topia Mine", stated Robert Archer, president and chief executive of Great Panther.

"The ongoing ramp up in production at San Ignacio, since commencing commercial production in June of last year, was a major factor in the increase in production over the third quarter of 2014 and also contributed to the higher grades at the GMC. In addition, our team's pursuit of efficiencies and better grade control is another important factor in the overall stronger operations that are keeping us on track to exceed our guidance for 2015 in terms of both production and lower cash and all-in sustaining costs," he added.

As seen in the third quarter, production from San Ignacio will continue to account for the predominant portion of the production from the GMC in the fourth quarter and for the foreseeable future, the company said.

Meanwhile, the company will kick off its 2,200 metre surface drilling program at San Ignacio this month, with a view to extending the southerly strike extension of the ore zones, and upgrading the existing resources with in-fill drilling.

Shares in Great Panther are up more than one-fifth this week.

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Thu, 15 Oct 2015 14:38:00 -0400 http://www.proactiveinvestors.com/companies/news/116276/great-panther-silver-on-course-to-exceed-guidance-116276.html
<![CDATA[News - Great Panther Silver announces higher revenues and record production in the second quarter of 2015 ]]> http://www.proactiveinvestors.com/companies/news/109792/great-panther-silver-announces-higher-revenues-and-record-production-in-the-second-quarter-of-2015-109792.html Shares in Great Panther Silver (TSE:GPR) (NYSE:GPL) traded solidly higher yesterday  after the company posted increased revenues, record production and a substantial drop in cash costs.

Total metal production, which Great Panther reports in silver equivalent ounces, rose 51% compared to the second quarter a year ago, to 1.088 million, setting a new quarterly record for the precious metals miner.   Revenues also jumped, by 33%, to $19.2 million while adjusted EBITDA swung from a $0.2 million loss last year to a $4.2 million profit.

While the increases in revenues and production were positive, the real story was in Great Panther’s ability to continue reducing the cost to produce an ounce of silver.  Compared to a year ago, the all in sustaining cost (ASIC) fell a whopping 49% to $12.54 per ounce, and was 13% better than the first quarter of 2015.

Cash costs dropped 56% to $6.63 for the second quarter of 2015. The decrease in costs was largely attributed to improving ore grades, which contributed to a 59% increase in payable silver ounces, better recoveries, and higher gold by-product credits.  A reduction in exploration and G&A expenses also made a difference.

Overall metal production increased 10% compared to the first quarter of 2015. Silver production rose 9% to a record 648,810 silver ounces (Ag oz) while gold production increased 13% to a record 5,322 gold ounces (Au oz).

The Company maintained its guidance for $10 million to $12 million in capital expenditures for 2015 comprising capitalized mine development and diamond drilling, and for the acquisition of new mining and plant equipment.  Great Panther has more than enough capital to meet its CAPEX – the company had cash and cash equivalents of C$19.4 million at June 30, 2015 while net working capital increased to $33.9 million.

Great Panther also upped its guidance for 2015 to 3.8-3.9 million silver equivalent ounces from 3.5-3.6 million.

"Based on the strength of our results year-to-date, we are pleased to announce a decrease in our cash cost and all-in sustaining cost guidance for 2015 which accompanies the increase in production guidance issued in early July” said Great Panther’s president and CEO, Robert Archer.

“The second quarter also marked the completion of the acquisition of Cangold Limited and the signing of the option to acquire the Coricancha Mine Complex in Peru.  These are key steps in Great Panther's strategic development that we were able to fund from the strong cash-flow generated by our operations.”

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Fri, 07 Aug 2015 20:40:00 -0400 http://www.proactiveinvestors.com/companies/news/109792/great-panther-silver-announces-higher-revenues-and-record-production-in-the-second-quarter-of-2015-109792.html
<![CDATA[News - Great Panther Quarterly Metal Production Exceeds One Million Silver Equivalent Ounces ]]> http://www.proactiveinvestors.com/companies/news/109045/great-panther-quarterly-metal-production-exceeds-one-million-silver-equivalent-ounces-109045.html Great Panther Silver (TSE:GPR) (NYSE MKT:GPL) has increased its guidance for 2015 to 3.8 to 3.9 million silver equivalent ounces (Ag eq oz) from 3.5 - 3.6 Ag eq oz. after achieving record production of over a million Ag eq oz. in the second quarter of 2015 at its Mexican silver operations.

The revised guidance is some 21% higher than 2014 production, including a small impact from the change in ratios in determining Ag eq oz to account for the movement in metal prices over the course of 2015.

Overall metal production increased 10% compared to the first quarter of 2015 and 51%, with a record 1,088,355 silver equivalent ounces, compared to the second quarter of 2014; silver production rose 9% and 54%, respectively, to a record 648,810 silver ounces (Ag oz).

Second quarter gold production increased 13% and 41% compared to the first quarter of 2015 and second quarter 2014 respectively, to a record 5,322 gold ounces (Au oz). Ore processed decreased 12% compared to the first quarter but rose 8% year over year to 87,476 tonnes.

"While the ramp up in production at San Ignacio since commencing commercial production in June 2014 is a major factor in the increase in production over Q2 of last year, we continue to make changes necessary to adapt to the current metal price environment and the result has been an improvement in ore grades and overall efficiencies.  Silver grades improved at the main Guanajuato Mine and gold grades were significantly higher at San Ignacio.  I would like to congratulate our team for achieving this quarter's milestones and giving us the confidence to raise our production guidance for the year," said Great Panther’s president and CEO, Robert Archer.

The company said that cash costs were lower than expected in the first quarter of 2015 while thanks to improved grades at the Guanajuato mine complex (GMC), it expects these to be considerably lower than the current 2015 guidance. Management will provide a more detailed update in its Q2 2015 earnings release scheduled for August 6.

Consolidated Cash Cost and All-In Sustaining Cost are also being reviewed for a potential lowering of the annual guidance figures and a further update will be released with the earnings results.

Meanwhile, total metal production during Q2 2015 at GMC reached a record 818,841 Ag eq oz, representing respective increases of 15% and 74% compared to the first quarter of 2015 and second quarter of 2014.

Great Panther attributed the production increases from Q2 2014 to the ramp up at San Ignacio, which started commercial operations in June of last year, and those over Q1 2015 to higher ore grades throughout the GMC and slight improvements in metal recoveries.

But, ore tonnage processed at Guanajuato decreased 13% in Q2 compared to Q1 2015, because of higher cut-off grades and new grade control measures implemented at all mining areas, and some high grade pillar recoveries, according to Great Panther.

Meanwhile, San Ignacio accounted for 45% of the GMC’s total gold output in the second quarter of 2015 as well as 31% of total metal production and 36% of overall tonnes milled. Overall output in Q2 was consistent with Q1 at approximately 370 tonnes per day but metal production increased 15% over the same period thanks to a greater focus on the new South Extension zones, which contributed higher ore grades, especially where gold was concerned.

In the second quarter 2015, Great Panther continued to perform underground drilling to define high grade resources, mainly in the areas currently being mined, for a total of 4,816 metres or a year-to-date total of 8,250 metres.

Almost half of the drilling during the quarter was undertaken in the Valenciana area in order to update the resource estimate for the zone which is expected to be completed in the current quarter.

Finally, at Topia, metal production decreased slightly when compared to Q1 2015 but increased 9% over Q2 of 2014 thanks to higher ore grades, separate processing campaigns for gold-rich mines and the commissioning of two additional flotation cells.

Ore processed at Topia decreased 5% and 6%, respectively, compared to the first quarter of 2015 and second quarter of 2014 due to weaker ground conditions at the Argentina based mine and narrower veins encountered at several of the nine mines.

Great Panther has proven its expertise in taking exploration assets through to production in Mexico. In 2015, Great Panther has already completed the acquisition of Cangold and signed a two-year option agreement with Belgium’s Nyrstar to acquire the Coricancha mine, located just 90km from Lima in the Andes’ prolific Central Polymetallic Belt, containing some 22 million silver equivalent ounces in Measured and Indicated Resources and 124.6 million Ag eq oz in Inferred Resources.

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Wed, 15 Jul 2015 21:35:00 -0400 http://www.proactiveinvestors.com/companies/news/109045/great-panther-quarterly-metal-production-exceeds-one-million-silver-equivalent-ounces-109045.html
<![CDATA[News - Great Panther Silver rated a “Buy” ]]> http://www.proactiveinvestors.com/companies/news/109044/great-panther-silver-rated-a-buy-109044.html Great Panther Silver (TSE:GPR) (NYSE MKT:GPL) has had its Buy rating reiterated by analysts at Rodman and Renshaw, who set a price target of US$1.10/share.

In a note to investors dated July 14, analyst Heiko F. Ihle saw outperformance at Great Panther’s Guanajuato Mine Complex (GMC) where total metal production during Q2 2015 reached a record 818,841 silver equivalent ounces (Ag eq oz), representing respective increases of 15% and 74% compared to the first quarter of 2015 and second quarter of 2014.

The US$1.10/share price target is based on long term silver and gold respective prices of US$17.50 and U$1,200 an ounce: “Our model now reflects slightly higher grades for 2015 as the firm has shown the ability to institute strong grade control practices. Moreover, given the expected cost improvements as a result of increased grades and strong balance sheet, we believe Great Panther remains well positioned to weather the current downturn precious metals prices,” Ihle said.

The analysts also noted Great Panther’s increased production guidance for 2015 to 3.8 to 3.9 million Ag eq oz  from 3.5 - 3.6 Ag eq oz. after achieving record production of over a million Ag eq oz. in the second quarter of 2015 at its Mexican silver operations.

As Great Panther has focused its drilling activity in the Valencia area of the GMC, Ihle expects “an updated resource at Valencia to be completed in 3Q15 and believe the area could serve as a source of additional near-term production.”

Overall, the analysts were impressed by the combination of higher grades of 233 g/t silver and 2.49 g/t gold, a significant improvement over 1Q15 grades of 177 g/t silver and 1.92 g/t gold. Along with lower tonnage, this should improve Great Panther cost structure in the second quarter with related metrics to be published in early August.

The favorable cost structure prospect, based on increased grades and a strong balance sheet, suggests Ihle, will also allow Great Panther to weather the current downturn precious metals prices.

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Wed, 15 Jul 2015 21:33:00 -0400 http://www.proactiveinvestors.com/companies/news/109044/great-panther-silver-rated-a-buy-109044.html
<![CDATA[News - Great Panther secures $10 million credit facility ]]> http://www.proactiveinvestors.com/companies/news/115018/great-panther-secures-10-million-credit-facility-115018.html

Great Panther Silver (TSE:GPR) (NYSE MKT:GPL) has secured one year US$10 million in a credit facility from Auramet International, a global precious metals merchant, advisory and financing services provider, with which it has a longstanding relationship.

"Great Panther has a strong balance sheet with no debt and approximately C$35 million of net working capital.  The Auramet facility provides the Company with greater financial flexibility and, in particular, more options with regard to the pricing and the timing of the pricing of our concentrate sales," said Great Panther’s President and CEO, Robert Archer.

At present, Great Panther has not drawn on the facility, borrowings from which will be charged an interest rate of three month Libor plus 5%. 

Great Panther has proven its expertise in taking exploration assets through to production in Mexico; in April the silver producer bolstered the mineral resource estimate at its new San Ignacio satellite mine, which forms part of its Guanajuato Mine Complex. It increased indicated resources by more than 30 percent, and more than doubled inferred resources.

In May, Great Panther, signed a two-year option agreement with Belgium’s Nyrstar, the world’s largest zinc producer, to acquire the Coricancha mine, in the prolific central Andean region of Peru.

Through the Cangold acquisition, which closed at the end of May, Great Panther has the option to buy more than 6,000 hectares of the advanced stage Guadalupe de los Reyes gold-silver Project in Mexico.

The company posted 57% higher revenues and net income of C$3.6 million in for the first quarter of 2015, compared to a net loss of C$0.6 million in the same period of 2014.

 

 

 

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Thu, 11 Jun 2015 11:34:00 -0400 http://www.proactiveinvestors.com/companies/news/115018/great-panther-secures-10-million-credit-facility-115018.html
<![CDATA[News - Great Panther Silver signs option agreement to buy Coricancha mine from Nystar ]]> http://www.proactiveinvestors.com/companies/news/106960/great-panther-silver-signs-option-agreement-to-buy-coricancha-mine-from-nystar-106960.html

Great Panther Silver (TSE:GPR) (NYSEMKT:GPL) has signed a two-year option agreement with Belgium’s Nyrstar (EBR:NYR), the world’s largest zinc producer, with a view to acquiring the Coricancha mine, located some 90 km. east of the Peruvian capital Lima in the prolific Central Polymetallic Belt, in the Andes.

The property comprises more than 3,700 hectares in the prolific and production at the mine dates back to 1906. It contains 13.5 million silver equivalent ounces (Ag.eq.oz.) in Proven and Probable Reserves, 21.96 million Ag.eq.oz in Measured and Indicated Resources and 124.6 million Ag.eq.oz in Inferred Resources.

Coricancha features gold-silver-lead-zinc-copper mineralization (about 80% gold and silver) occurs as massive sulphide veins that have been mined underground by cut and fill methods.

Great Panther will pay US$1.5 million for the option, with the possibility of extending it another year for the same amount of money, the company said Tuesday.

But the Canadian group has the right to buy the mine for US$5 million at any time during the duration of the two-year option period.

Coricancha has been closed since August 2013 and has fully permitted and operational 600 tonne per day flotation and BIOX(R) bio-leach plants along with supporting mining infrastructure. 

"Coricancha represents a near-term production opportunity and the two-year option will allow us to gain comfort with the project without having to make an immediate and significant financial commitment in the current environment of low metal prices and depressed market conditions.  We intend to commence surface drilling as soon as possible, focused on defining and expanding zones of higher grade mineralization, followed by underground drilling, development, and start-up evaluations," said Great Panther’s President and CEO, Robert Archer.

The historical Mineral Reserve and Resource Estimate includes Proven and Probable Reserves of 0.64 million tonnes at a grade of 4.35 grams per tonne (g/t) gold, 149.12g/t silver, 0.32% copper, 1.77% lead and 2.60% zinc.

Measured and Indicated Resources are 0.89 million tonnes at a grade of 5.04g/t gold, 174.62g/t silver, 0.42% copper, 1.97% lead and 3.11% zinc while Inferred Resource are 4.88 million tonnes at a grade of 4.91g/t gold, 224.54g/t silver, 0.48% copper, 1.57% lead and 2.98% zinc. 

Great Panther considers this estimate as historical in nature and Great Panther will verify the historical estimate through surface and underground drilling and sampling.  

Great Panther has proven its expertise in taking exploration assets through to production in Mexico; last month the silver producer bolstered the mineral resource estimate at its new San Ignacio satellite mine, which forms part of its Guanajuato Mine Complex. It increased indicated resources by more than 30 percent, and more than doubled inferred resources.

The company recently posted 57% higher revenues and net income of C$3.6 million in for the first quarter of 2015, compared to a net loss of C$0.6 million in the same period of 2014.

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Tue, 19 May 2015 12:23:00 -0400 http://www.proactiveinvestors.com/companies/news/106960/great-panther-silver-signs-option-agreement-to-buy-coricancha-mine-from-nystar-106960.html
<![CDATA[News - Great Panther Silver opens higher after posting increased revenues and net income in first quarter ]]> http://www.proactiveinvestors.com/companies/news/106549/great-panther-silver-opens-higher-after-posting-increased-revenues-and-net-income-in-first-quarter-61367.html

Shares in Great Panther Silver (TSE:GPR) (NYSE MKT:GPL) opened higher this morning after the company posted 57% higher revenues and net income of C$3.6 million in for the first quarter of 2015, compared to a net loss of C$0.6 million in the same period of 2014.

Metal production increased 48% year-on-year thanks to better performance from both of the company’s wholly owned mining operations and despite lower metal prices.

Revenue for the first quarter of 2015 was C$20.3 million, compared to $12.9 million for the comparative period in 2014 thanks to a 79% increase in metal sales volume as a result of an increase in metal production.

The company said that the combination of improved metal sales and 12 percent higher US dollar more than offset the impact of 16% and 7% respective decreases in the average realized silver and gold prices in US dollars.

The strong showing, presented in a report released Wednesday by the company, largely reflects an improving cash flow and the continuing ramp-up at the San Ignacio mine, which started commercial operations in June 2014, and a 17% quarter-over-quarter increase in output at the Topia mine:

"Despite metal prices that are down significantly from the first quarter of last year, the strengthening of the US dollar, improved grades, and addition of production from San Ignacio since it commenced commercial production last June, all contributed to a significantly improved quarter. These same factors decreased our cash cost and AISC per payable silver ounce to US$8.71 and US$14.47, respectively. It should be noted that the first quarter of last year was marked by operational disruptions that also contributed to the improved comparative results," said Great Panther’s president and CEO, Robert Archer.

Total metal production in the first quarter reached 987,887 silver equivalent ounces, representing a 48 percent increase from 667,349 ounces in the same period of 2014 thanks to the additional 164,982 silver equivalent ounces production from San Ignacio, which achieved a total of 217,429 silver equivalent ounces.

Gold production increased 28% to 4,703 gold ounces.

Cash costs during the quarter came to US$8.71 per silver payable ounce for the first quarter of 2015, a 35% decrease compared to US$13.40 a year ago thanks to the stronger US dollar compared to the Mexican peso and higher silver grades. All-in sustaining costs (AISC), an industry-wide metric, decreased to US$14.47 from US$24.18 in the first quarter of 2014 due to lower cash, exploration, mine development and capital costs per payable silver ounce.

Total ore processed in the first quarter increased 37% year-on-year to a record 99,252 tonnes, with silver output rising 61% to 597,111 ounces, and gold up 28% to 4,703 ounces.

At Guanajuato, which includes the San Ignacio satellite mine, ore processed increased 48% to a record 82,026 tonnes compared to the year-ago quarter. Silver grades improved 38%, helping the silver equivalent ounce total soar 74% to a record 713,371 ounces.

Compared to the fourth quarter 2014 ("Q4 2014"), metal production on a silver equivalent ounce basis increased 8% and revenues increased 42%. Cash flow from operating activities rose by $6.1 million and the company can count on cash and cash equivalents of C$18.7 million at March 31, 2015 with net working capital increasing to C$36.9 million at March 31, 2015 from $32.9 million on December 31, 2014.

At the company's Topia mine, ore processed dropped 1% from the first quarter of 2014, but was up 9% to 17,225 tonnes compared to the fourth quarter. Topia notched record production of 274,515 silver equivalent ounces in the first quarter 2015, up 6% on the year ago quarter.

In March, Great Panther said production at San Ignacio is expected to continue increasing as the focus shifts to the new high grade and thicker vein zones to the south of 2014 workings. Considered together with ongoing efforts to improve grades at the main Guanajuato mines and at Topia, the company projected total production in a range of 3.5 to 3.6 million silver equivalent ounces for 2015.

Great Panther also confirmed its previous guidance of C$10 to $12 million for capital expenditures this year. It plans to spend on mine development and diamond drilling at GMC and Topia, and the acquisition of new equipment to drive efficiencies.

 

 

 

 

 

 

 

 

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Thu, 07 May 2015 12:58:00 -0400 http://www.proactiveinvestors.com/companies/news/106549/great-panther-silver-opens-higher-after-posting-increased-revenues-and-net-income-in-first-quarter-61367.html
<![CDATA[News - Great Panther Silver produced 48% more metal in Q1 2015 ]]> http://www.proactiveinvestors.com/companies/news/106327/great-panther-silver-produced-48-more-metal-in-q1-2015-61018.html

Great Panther Silver (TSE:GPR) (NYSE MKT:GPL) posted a 48% year-on-year increase in total metal production for the first quarter of 2015, with both of the company’s wholly owned mining operations exhibiting stronger performance.

The robust showing, detailed in a report released Wednesday by the company, largely reflects a continuing ramp-up at the San Ignacio mine, which started commercial operations in June 2014, and a 17% quarter-over-quarter increase in output at the Topia mine.

Total metal production in the first quarter reached 987,887 silver equivalent ounces, from 667,349 ounces in the same period of 2014. Last year, operations were influenced by illegal occupation of the plant and administration facilities at the company’s Guanajuato Mine Complex (GMC) during the month of March. The latest figure also represents 8% growth over the fourth quarter of 2014.

Total ore processed in the first quarter increased 37% year-on-year to a record 99,252 tonnes, with silver output rising 61% to 597,111 ounces, and gold up 28% to 4,703 ounces.

At Guanajuato, which includes the San Ignacio satellite mine, ore processed increased 48% to a record 82,026 tonnes compared to the year-ago quarter. Silver grades improved 38%, helping the silver equivalent ounce total soar 74% to a record 713,371 ounces.

"San Ignacio is now producing at a rate of about 370 tonnes per day and represented 30% of metal production at the GMC in the first quarter of this year compared to 20% in the fourth quarter of 2014", said Great Panther president and CEO Robert Archer. "We anticipate the ramp-up at San Ignacio to continue as we expand into the new South Extension zone discovered last fall."

At the company's Topia mine, ore processed dropped 1% from the first quarter of 2014, but was up 9% to 17,225 tonnes compared to the fourth quarter. Topia notched record production of 274,515 silver equivalent ounces in the first quarter 2015, up 6% on the year ago quarter.

In March, Great Panther said production at San Ignacio is expected to continue increasing as the focus shifts to the new high grade and thicker vein zones to the south of 2014 workings. Considered together with ongoing efforts to improve grades at the main Guanajuato mines and at Topia, the company projected total production in a range of 3.5 to 3.6 million silver equivalent ounces for 2015.

 

 

 

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Thu, 16 Apr 2015 10:07:00 -0400 http://www.proactiveinvestors.com/companies/news/106327/great-panther-silver-produced-48-more-metal-in-q1-2015-61018.html
<![CDATA[News - Great Panther to bolster its assets in Mexico and Canada ]]> http://www.proactiveinvestors.com/companies/news/106283/great-panther-to-bolster-its-assets-in-mexico-and-canada-60950.html

Great Panther Silver (TSE:GPR) (NYSEMKT:GPL) has entered into a definitive arrangement agreement that will see the junior silver producer add to its portfolio of Mexican exploration and production assets by acquiring all of the issued and outstanding common shares of Cangold (CVE:CLD).

Under the terms of the all-share deal, valued at approximately C$1.7 million, Cangold shareholders will receive 0.05 common shares of Great Panther for each Cangold common share. Great Panther will increase its issued and outstanding share count by 1.5% to complete the transaction, which must go through a plan of arrangement process in the Supreme Court of British Columbia.

Through the acquisition, Great Panther will gain an option to acquire more than 6,000 hectares of the advanced stage Guadalupe de los Reyes gold-silver Project in Mexico. Diamond drilling by Vista Gold Corp in 2012 showed that the project has bulk tonnage potential while also confirming the presence of high grade gold-silver mineralization originally exploited in the 18th and 19th centuries.

Cangold also owns the Plomo Gold Project in Mexico, as well as the past-producing Argosy Gold Mine in the Red Lake mining district of Ontario, Canada.

Great Panther has proven its expertise in taking exploration assets through to production in Mexico; last month the silver producer bolstered the mineral resource estimate at its new San Ignacio satellite mine, which forms part of its Guanajuato Mine Complex. It increased indicated resources by more than 30 percent, and more than doubled inferred resources.

For the year ending December 31, 2014, the company posted record production of 3.19 million silver equivalent ounces, a 12 percent rise from 2013. Great Panther’s balance sheet had cash and equivalents of C$18.0 million at year-end 2014, net working capital of C$32.9 million, and no debt.

Cangold will convene a special shareholders meeting on May 22 to vote on the acquisition. Its board of directors, based in part on the recommendation of a special committee created to review the arrangement agreement, has advised its shareholders to vote in favour. The deal was first announced by the companies on February 26, 2015, when they press-released a binding letter agreement covering the acquisition.


 

 

 

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Tue, 14 Apr 2015 11:07:00 -0400 http://www.proactiveinvestors.com/companies/news/106283/great-panther-to-bolster-its-assets-in-mexico-and-canada-60950.html
<![CDATA[News - Great Panther posts strong operating results despite rough metal price declines ]]> http://www.proactiveinvestors.com/companies/news/105771/great-panther-posts-strong-operating-results-despite-rough-metal-price-declines-60242.html Despite a difficult start to the year, Great Panther Silver (TSE:GPR) (NYSE MKT:GPL) reported a strong finish in 2014, reflecting the start of production at the company's San Ignacio satellite mine in Mexico as well as new high grade discoveries.

The San Ignacio mine, which started operations last year, is part of Great Panther's Guanajuato mine complex (GMC), which also includes the Guanajuato mine. San Ignacio's ore is trucked 22 km to the company's Cata processing plant at the complex.

"We brought the San Ignacio Mine into production, discovered new high grade silver-gold mineralization there, and increased the overall resource base at the Guanajuato Mine Complex," said president and chief executive officer Robert Archer. 

"I would also like to congratulate our entire team on their ongoing efforts to improve efficiencies and grade control.  These efforts translated into a modest reduction in our cash cost year-over-year, although we still have work to do in this regard," he added.

In the fourth quarter, the company achieved record quarterly metal production of 911,048 silver equivalent ounces, a 19 percent year-over-year increase, as silver output rose 13 percent and gold production grew 24 percent.

Great Panther, which reports in Canadian currency, said net loss was $26.9 million for the three month period, compared to a net loss of $7.4 million in the prior year quarter. Revenue declined 10 percent to $14.2 million, reflecting the significantly lower average metal prices, the company said.

The latest financials also include a pre-tax non-cash impairment charge of $11.7 million, on account of the drop in metal prices and a reduction in its forecasts.

Cash from operating activities, before changes in non-cash working capital, was negative $1.3 million. Great Panther said margins and cash flow last year were hurt by a 20 percent decline in the average silver price compared to 2013, and a 10 percent fall in the gold price.

The drop in gold prices also reduced by-product credits, and lessened the year-over-year reduction in cash costs. Still, cash cost per silver payable ounce decreased 5 percent to US$12.78, while all-in sustaining costs dropped 16 percent to US$22.07 an ounce in 2014.

For the year, the company posted record metal production of 3.19 million silver equivalent ounces, a 12 percent rise from 2013. Throughput climbed 18 percent, with Great Panther citing the start-up of the San Ignacio mine in June as the primary contributor of growth.

Looking ahead, Great Panther said production at San Ignacio is expected to increase this year as the focus shifts to the new high grade and thicker vein zones to the south of 2014 workings. It is also looking to improve grades at the main Guanajuato mines and its second operating Topia mine, all of which is expected to deliver between 3.5 to 3.6 million silver equivalent ounces in 2015.

All-in costs are expected in the range of US$18.50 to US$19.85 an ounce this year. The precious metals producer has the flexibility to react to lower metal prices, it said, as its mines have multiple operating areas with varying grade and cost profiles.

The company also had cash and equivalents of $18.0 million at year-end 2014, net working capital of $32.9 million, and no debt, better positioning it to face volatility in metal prices.

Great Panther recently agreed to buy Cangold Limited (CVE:CLD) in a C$1.7 million all-share deal, which will expand the precious metal producer's asset base in Mexico, and add a new project in Canada's Red Lake district.

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Thu, 05 Mar 2015 09:16:00 -0500 http://www.proactiveinvestors.com/companies/news/105771/great-panther-posts-strong-operating-results-despite-rough-metal-price-declines-60242.html
<![CDATA[News - Great Panther snaps up Cangold to bolster asset base in Mexico ]]> http://www.proactiveinvestors.com/companies/news/105670/great-panther-snaps-up-cangold-to-bolster-asset-base-in-mexico-60098.html Great Panther Silver (TSE:GPR)(NYSE MKT:GPL) has agreed to buy Cangold Limited (CVE:CLD) in a C$1.7 million all-share deal, which will expand the precious metal producer's asset base in Mexico, and add a new project in Canada's Red Lake district.

Cangold shareholders will get 0.05 shares of Great Panther for each share of Cangold held. Great Panther said the shares to be issued for the deal represent about 3 percent of its current issued and outstanding shares.

Through the acquisition, Great Panther will add an option to acquire more than 6,000 hectares of the Guadalupe de los Reyes gold-silver project in Mexico, expanding on its existing asset base in the country at Guanajuato and Topia.

Cangold also owns the Plomo gold project in Mexico, as well as the Argosy project in the Red Lake mining district of northeastern Ontario, in Canada.

"Guadalupe de los Reyes is a strong fit with Great Panther's current producing mines and projects in Mexico," said chairman Bob Garnett in a statement.

"Our team has proven success in developing producing mines in Mexico, and has the expertise and resources to advance Guadalupe de los Reyes. 

"The proposed acquisition will also realize cost synergies in terms of management, administration, and overhead," he added.

Indeed, Great Panther has proven its expertise in building up mines in Mexico, just earlier this week bolstering the mineral resource estimate at its new San Ignacio satellite mine, which forms part of its Guanajuato mine complex. It increased indicated resources by more than 30 percent, and over doubled the inferred resources, reflecting the most recent drill results from San Ignacio.

Ore from San Ignacio, which started operations last year, is trucked 22 km to the company's Cata processing plant at the complex.

"Great Panther is an experienced operator in Mexico with a strong balance sheet, no debt, and has access to capital to advance Guadalupe de los Reyes," said executive chairman of Cangold, Kaare G. Foy.

The deal still requires shareholder and regulatory approvals, and Great Panther still needs to complete satisfactory due diligence on Cangold. 

A definitive agreement is expected before April 25, until which time Cangold has agreed to an exclusivity period. Cangold is due to hold a shareholder meeting to approve the arrangement in May. 

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Thu, 26 Feb 2015 10:18:00 -0500 http://www.proactiveinvestors.com/companies/news/105670/great-panther-snaps-up-cangold-to-bolster-asset-base-in-mexico-60098.html
<![CDATA[News - Great Panther Silver's San Ignacio mine represents significant part of future production growth, says H.C. Wainwright ]]> http://www.proactiveinvestors.com/companies/news/105637/great-panther-silvers-san-ignacio-mine-represents-significant-part-of-future-production-growth-says-hc-wainwright-60047.html Great Panther Silver (NYSEMKT:GPL) (TSE:GPR) had its buy rating and $1.10 price target reiterated by analysts at H.C. Wainwright (HCW) on the back of a marked increase in the overall resource base at its Guanajuato mine complex in Mexico, sparked by the company's new San Ignacio mine.

On Monday, the precious metals miner announced that it had bolstered the mineral resource estimate at its new San Ignacio satellite mine in Guanajuato, increasing indicated resources by more than 30 percent and over doubling the inferred resources.

The San Ignacio mine, which started operations last year, is part of Great Panther's Guanajuato mine complex (GMC), which also includes the Guanajuato mine. San Ignacio's ore is trucked 22 km to the company's Cata processing plant at the complex.

The newest resource report includes the most recent drill results at San Ignacio, and the discovery of new high grade, silver-gold mineralization to the south of the 2014 mining area.

H.C. Wainwright analyst Heiko F. Ihle said the updated resource at San Ignacio is an "incremental positive."

Indicated resources at the mine are now estimated at 180,300 tonnes at a grade of 159 grams per tonne (g/t) silver and 3.49 g/t gold, containing some 2.35 million silver equivalent ounces, up 31 percent from the July 2014 report.

"Notably, the updated resource at San Ignacio has increased the overall M&I resource base at the GMC by approximately 550,000 silver equivalent ounces," wrote Ihle in a research report released to clients earlier Tuesday.

Inferred resources at San Ignacio also increased substantially, now comprising of 787,800 tonnes at 160 g/t silver and 3.26 g/t gold, containing 9.9 million silver equivalent ounces, an increase of 162 percent from the prior estimate, Great Panther said.

This means the entire GMC, including the undeveloped El Horcon project, hosts a total of 1.1 million tonnes of inferred resources grading 140 g/t silver and 3.31 g/t gold, for a total of 13.7 million silver equivalent ounces, up by 6.1 million ounces from before.

"The overall increase in the resource base at the GMC stems from Great Panther discovering wider zones with higher grades," said HCW.

"While we expect the new zones to become a part of the production mix at the GMC, we believe further expansion at San Ignacio is possible through continued drilling in 2015."

Indeed, Great Panther said underground drilling this year will focus on improving the classification of the resource adjacent to the Melladito and Intermediate veins at San Ignacio, while surface drilling will test the depth and strike continuity of all veins.  

The vein structures at San Ignacio are known to extend for roughly 4km along the length of the property, leaving almost 3km of untested strike potential.

"We continue to believe San Ignacio represents a significant portion of future production growth at the GMC and expect overall grades to increase while cash costs lower as the mine becomes a larger part of Great Panther’s production profile," said HCW's Ihle.

Shares of Great Panther rose 1.3 percent in Toronto on Tuesday, to 78 Canadian cents. The stock has advanced over 11 percent year-to-date.

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Tue, 24 Feb 2015 14:25:00 -0500 http://www.proactiveinvestors.com/companies/news/105637/great-panther-silvers-san-ignacio-mine-represents-significant-part-of-future-production-growth-says-hc-wainwright-60047.html
<![CDATA[News - Great Panther boosts resources sharply at San Ignacio, with further upside ahead ]]> http://www.proactiveinvestors.com/companies/news/105610/great-panther-boosts-resources-sharply-at-san-ignacio-with-further-upside-ahead--60016.html Great Panther Silver (TSE:GPR)(NYSE MKT:GPL) has bolstered the mineral resource estimate at its new San Ignacio satellite mine in Guanajuato, Mexico, increasing indicated resources by more than 30 percent and over doubling the inferred resources.

The newest resource report includes the most recent drill results at San Ignacio, and the discovery of new high grade, silver-gold mineralization to the south of the 2014 mining area, according to the Vancouver, B.C.-based company's statement.

Indicated resources at the mine are now estimated at 180,300 tonnes at a grade of 159 grams per tonne (g/t) silver and 3.49 g/t gold, containing some 2.35 million silver equivalent ounces, up 31 percent from the July 2014 report.

Inferred resources now comprise of 787,800 tonnes at 160 g/t silver and 3.26 g/t gold, containing 9.9 million silver equivalent ounces, an increase of 162 percent from the prior estimate, Great Panther said.

The San Ignacio mine, which started operations last year, is part of Great Panther's Guanajuato mine complex (GMC), which also includes the Guanajuato mine. San Ignacio's ore is trucked 22 km to the company's Cata processing plant at the complex.

"The substantial increase in resources at our San Ignacio Mine reflects the discovery of wider zones of higher grade silver-gold in late 2014," said president and chief executive officer Robert Archer.

"We have already started developing and mining this new southern extension and we expect this area to play an increasingly important role in the future of the GMC. 

"San Ignacio has significant potential for further expansion and we anticipate continued success in our 2015 drilling," he added.

Indeed, the vein structures at San Ignacio are known to extend for roughly 4km along the length of the property, leaving almost 3km of untested strike potential. Recent surface drilling at the site uncovered that the Intermediate and Melladito veins merge just south of the previous resource block, into a thicker, higher grade lens of mineralization.

With the latest update at San Ignacio, the new measured and indicated resource at the producing operations of the Guanajuato is estimated at 6.1 million contained silver equivalent ounces, 10 percent higher than last year's report.

Underground drilling this year will focus on improving the classification of the resource adjacent to the Melladito and Intermediate veins, while surface drilling will test the depth and strike continuity of all veins, the company said.

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Mon, 23 Feb 2015 12:03:00 -0500 http://www.proactiveinvestors.com/companies/news/105610/great-panther-boosts-resources-sharply-at-san-ignacio-with-further-upside-ahead--60016.html
<![CDATA[News - Great Panther reaffirms latest resource numbers, rectifies year-over-year percentage changes ]]> http://www.proactiveinvestors.com/companies/news/105312/great-panther-reaffirms-latest-resource-numbers-rectifies-year-over-year-percentage-changes-59607.html Great Panther Silver (TSE:GPR)(NYSE MKT:GPL) has said that the percentage changes in its last release regarding an updated mineral resource estimate at its Guanajuato mine complex were incorrect, but reaffirmed that the actual resource numbers are unchanged.

The company said that due to a transposition error, the 37 percent year-over-year increase in the measured and indicated category previously reported is actually a 2 percent decline from the last resource estimate in 2013.

The 2014 inferred mineral resource estimate also decreased 35 percent, as compared to the 22 percent drop reported last week. Both categories were affected by the use of lower metal prices, Great Panther said.

However, the latest report still shows 349,700 tonnes of measured and indicated resources at Guanajuato and San Ignacio, at a grade of 260 grams per tonne (g/t) silver and 3.32 g/t gold, containing some 5.56 million silver equivalent ounces.

Inferred mineral resources at the producing operations of the mine complex are estimated at 451,900 tonnes at a grade of 147 g/t silver and 3.34 g/t gold, for some 5.56 million silver equivalent ounces. When including the non-producing El Horcon project at Guanajuato, inferred resources jump to 7.64 million silver equivalent ounces, Great Panther said.

The company's Guanajuato mine complex in Mexico includes the Guanajuato mine and the new satellite San Ignacio mine. But the newest resource does not include the most recent drill results at San Ignacio, and the discovery of high grade silver-gold to the south of the existing resource block. 

The new data will be incorporated into a further resource update for San Ignacio later this quarter.

Great Panther is hiking up its drilling budget at Guanajuato this year, saying the newest mineral resource estimate will help guide development and improve grades at the mine.

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Mon, 02 Feb 2015 09:31:00 -0500 http://www.proactiveinvestors.com/companies/news/105312/great-panther-reaffirms-latest-resource-numbers-rectifies-year-over-year-percentage-changes-59607.html
<![CDATA[News - Great Panther succeeds at extending San Ignacio mineralization to the south ]]> http://www.proactiveinvestors.com/companies/news/105227/great-panther-succeeds-at-extending-san-ignacio-mineralization-to-the-south-59490.html Great Panther Silver (TSE:GPR) (NYSE:MKT:GPL) said it has extended the continuity of high grade silver-gold mineralization for about 300 metres south of its current mining activities at its San Ignacio satellite mine, which is part of its Guanajuato complex in Mexico.

The company announced Tuesday the final results from its 2014, 3,728-metre drilling program, with highlights including a 13.82 metre interval of 4.99 grams per tonne (g/t) gold and 194 g/t silver.

"Our recent drilling at the San Ignacio mine has not only extended the mineralization to the south, but has started to delineate a very significant lens of thicker and higher grade mineralization," said president and chief executive officer, Robert Archer.

"With these encouraging results, we have modified the mine plan at San Ignacio and have turned our immediate focus to developing this new zone."

Great Panther earlier this month posted record 2014 production results, on the back of a strong final quarter when metal output increased 19 percent, due in large part to the new San Ignacio satellite mine, which started commercial production last June. The precious metals miner also predicted a 10 percent increase to production in 2015, to a range of 3.5 to 3.6 million silver equivalent ounces.

The company said the data from the surface drilling program at San Ignacio are being collected and interpreted, with a new mineral resource estimate expected to be announced this quarter. 

The satellite mine is currently operating at about 300 tonnes per day, with ore being trucked 22 km to the company's Cata processing plant. The main production level has already reached the closest of the new exploration holes, according to Great Panther, and development will continue to the south with the latest results to be used as a guide this year.

Great Panther said the vein structures at San Ignacio are known to extend for roughly 4km along the length of the property, leaving almost 3km of untested strike potential.

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Tue, 27 Jan 2015 09:51:00 -0500 http://www.proactiveinvestors.com/companies/news/105227/great-panther-succeeds-at-extending-san-ignacio-mineralization-to-the-south-59490.html
<![CDATA[News - Great Panther posts record 2014 production on 12% growth, predicts another 10% increase in 2015 ]]> http://www.proactiveinvestors.com/companies/news/105070/great-panther-posts-record-2014-production-on-12-growth-predicts-another-10-increase-in-2015-59282.html Great Panther Silver (TSE:GPR)(NYSE MKT:GPL) rebounded from a difficult start last year to post record annual production in 2014, on the back of a strong final quarter when metal output increased 19 percent.

The company, which recently added a satellite mine to its operations in Mexico, said metal production came to a record 3.19 million silver equivalent ounces last year, up 12 percent from 2013.

Silver production increased 11 percent to a record 1.9 million ounces, while gold output climbed 5 percent, also to an annual record of 16,461 ounces.

In the fourth quarter, overall metal production rose 19 percent to 911,048 silver equivalent ounces, as silver and gold output gained 13 and 24 percent, respectively. Ore processed increased 33 percent to the highest ever amount of 92,574 tonnes in a quarter.

"After a difficult start to the year, our team did an outstanding job of recovering and delivering record silver and gold production in 2014," said president and chief executive officer, Robert Archer, in a release.

The CEO noted that the company brought its San Ignacio property into production last year, which is a satellite mine at its Guanajuato mine complex, where metal production climbed 22 percent in the fourth quarter on the back of the San Ignacio ramp-up. Great Panther also operates the Topia mine in Mexico, where metal output increased 12 percent in the last quarter of 2014.

The precious metals miner discovered further high grade silver-gold mineralization at San Ignacio in the fourth quarter, and said it plans to focus on this area in 2015, with the mine expected to play an "increasingly important role in [its] overall growth."

Production at the mine is slated to increase this year as the focus shifts to the new high grade and thicker vein zones to the south of the current workings.

"Going forward, we will continue to focus on operational efficiencies and grade control with the objective of further optimizing our mining operations and reducing production costs," added Archer.

As a result, the company is expecting production of 3.5 to 3.6 million silver equivalent ounces in 2015, some 10 percent higher than 2014. Cash costs are anticipated to range between US$11.50 to US$12.50 an ounce, and all-in sustaining costs are projected at US$18.50 to US$19.85 an ounce.

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Thu, 15 Jan 2015 11:01:00 -0500 http://www.proactiveinvestors.com/companies/news/105070/great-panther-posts-record-2014-production-on-12-growth-predicts-another-10-increase-in-2015-59282.html